The Children's Mutual: 7 an important age for finances

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The Children's Mutual: 7 an important age for finances

The age of seven is important for both parents and children when it comes to finances, one sector commentator has asserted.

David White, chief executive of the Children's Mutual, made his comments following the publication of research by the London School of Economics which indicated that young people spend nearly £5 billion every year in the UK.

He said: "Age seven is when children begin to build an understanding of money and we believe that this is a key time for parents to start helping their children understand the value of money."

Mr White said that there are many ways that mums and dads can help to introduce their children to the world of money, from giving them an allowance to providing them with pocket money for carrying out simple household chores.

He also recommended that adults should explain to their kids how important it is for them to save.

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