1. Talk to them
Children pick up the concept of money best through observation and open conversation. As parents living in the UK, you can use everyday moments—such as your weekly shop at the supermarket, paying the ENERGY BILL, or choosing between brands—to explain how money works. For example: while picking up the groceries, you might say: “We can buy this one now, or wait until it’s on offer. Let’s compare the cost and quality.” Even a short chat about how someone working in the UK earns a salary, and some of that goes on rent or bills, helps children link work → income, and spending → priorities.
Resources in the UK support this approach: for example, the charity MoneyHelper recommends talking to children about money from a young age. (MaPS)
2. Pocket money (allowance)
An allowance is more than just a weekly sum—it can be a tool for teaching financial responsibility. Instead of simply giving money, tie it to tasks or chores (helping around the home, maybe assisting with younger siblings or tidying up). This links effort to reward.
Encourage dividing the allowance into three jars (or envelopes): Spend, Save, Share (or give). This tangible system helps children understand balance: enjoy some money now, save some for later, and share some (for example a charitable act or gift).
In the UK context, banks such as Barclays and NatWest advise introducing pocket money in this kind of structured way. (Barclays)
3. Goal setting
Kids are naturally goal‑oriented. Whether they’re saving for a new game, a book, or a family outing in the UK (e.g., a trip to the zoo or a weekend in London), setting a savings goal teaches delayed gratification. You can help them chart their progress visually — maybe a clear jar, a savings tracker on the fridge, or a simple spreadsheet. As they see the amount slowly increasing, they build confidence. Achieving the goal after a few weeks or months gives a more meaningful sense of accomplishment than simply getting it immediately.
UK resources emphasise this: e.g., the bank HSBC’s children’s resource page highlights “value of money” and “planning for the future” as key themes. (HSBC UK)
4. Let them make (small) mistakes
It can be tempting, especially as a parent far from home (for Nigerians in the UK), to protect children from every mis‑spending decision. But small mistakes—like spending their whole allowance on a toy and later wishing they’d saved more—are powerful learning moments. Use that experience to talk: “What might you do differently next time?” These mistakes build decision‑making skills and resilience. As one U.S. article puts it, giving kids real responsibility (even if small) helps embed good habits. (Scholastic UK)
5. You are the model
The most powerful lesson for children often comes from how their parents behave. Kids notice how adults handle money—whether you budget carefully, compare deals, save before spending, or spend impulsively. If you as a Nigerian parent in the UK are open about your household budgeting (in age‑appropriate ways) it helps demystify money. Being transparent—e.g., “We’re going on a budget this month so we can save for our visit to Nigeria next year”—shows planning in action. UK advice points out that teaching children about needs vs wants, and showing them real choices, is key. (NatWest)
6. Make it fun: Games & apps
Learning doesn’t have to be a lecture. Use games like board‑games (e.g., Monopoly) or role‑play a “family store” where children “buy” and “sell” items, or run a small lemonade stand / bake‑sale (even in the home garden or at a children’s event). For UK digital options, there are apps and resources like GoHenry or the Money Heroes programme offering interactive learning for kids aged 3‑11. (Money Heroes)
Why this matters for Nigerians in the UK
- Being in the UK means exposure to a different cost‑of‑living environment: bills, rent, transport, savings, maybe remittances back home. Teaching children early helps them appreciate that money isn’t unlimited.
- Cultural context: As many Nigerian families may also teach children about supporting relatives back home, layering in the “share” or “give” jar ties in both UK practice and Nigerian values of community, family and charity.
- Preparing teens early: In the UK, financial literacy is increasingly part of school education. For example, lessons are being introduced about online spending, scams and credit/debit cards. (The Guardian) By starting at home early you give your children a head‑start.
- Long‑term mindset: Good habits formed before the teen years can pay dividends when children become adults—earning, saving, investing, supporting family.
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