A child’s eye view of the cost of living crisis
This article is the latest part of the FT’s Financial Literacy and Inclusion Campaign
How much have you talked to your children about the cost of living crisis?
Our instinct as parents is to shield our children from the financial problems of the adult world, but it’s getting harder to do.
“My 10-year-old daughter Maddie is very aware of what’s going on as she overhears us talking, but I still want her to be a kid,” says Katie Handsley, a clerical worker from Aberdeen. “As much as we’d like to give her everything in the world, it’s just not possible in the current climate. But I also want her to know we’re not being horrible when we say no; there’s a reason behind it.”
For older children, the financial pressures move beyond pocket money. Wealth managers say that falling investment values combined with cost of living pressures could affect the ability of Bomad (the Bank of Mum and Dad) to provide property deposits for adult offspring. Plus, the high cost of childcare means that Nomad (the Nursery of Mum and Dad) is increasingly being relied upon to look after the grandchildren gratis.
Takeaways are off the menu for Maddie Handsley and mother Katie: © image1st.co.uk
Pocket money
The cost of living crisis has blighted the financial lives of millions of families, and prompted children to ask many questions about money.
This story originally appeared on: Financial Times - Author:Claer Barrett
