When it comes to teaching children about manners , safety or even sex , most parents do n't hesitate in making sure their offspring have a good understanding ( no matter how awkward they may find it ) . However , despite the huge importance placed on financial education , more than half of UK parents admit they find it difficult to talk to their kids about money , and are avoiding the topic for as long as possible . A report from the government ’ s Money Advice Service found parents are simply leaving it too late , claiming children start forming money habits from as young as seven , whereas mums and dads leave discussing savings from around nine . Scroll down for video . Parents should talk to their children about savings from a young age , according to Kalpana . The majority of parents agree that they are the biggest influencer when it comes to teaching their children about money , and insight from the Money Advice Service has shown the more mums and dads talk to their children and give them responsibility from an early age , the better they will become at saving and planning for their future . Financial education truly begins at home , so what can parents do to help their children get to grips with finance ? Here , financial journalist and founder of blog MummyMoneyMatters.com Kalpana Fitzpatrick reveals her top seven tips . 1 . Start young . Start talking to your child about money from as early an age as possible – five is not too young . It 's important for parents to make the lesson appropriate for their child 's age . With a son or a daughter who is five years old , mums and dads can start talking to them about different types of coins and let them pay for things when out shopping , so they get used to handling money , or play shops with them at home using pretend cash . 2 . Open a savings account . Opening a dedicated savings account for your child is great way to show them how their money can grow , and can also help start conversations about how long it may take to reach a certain amount of money . It will also start to teach them the very basics on investments and savings . 3 . Let them make mistakes . It is important to give your children an allowance and let them use it as they choose . Yes , they may well make what you consider to be the wrong choice , but they will learn from those mistakes , which is important for their financial learning curve . It is better for them learn from small amounts now at a young age , rather than bigger amounts when they are older when the consequences would be far more serious . 4 . Be confident . Parents should remember when teaching their children about money , that they are helping them to learn a lifelong skill - so confidence is a must . Some mums and dads are afraid to broach the subject , uncertain that they will be saying the right things , or feeling out of their depth . It 's important to start with the basics , and remember that any glimpse into handling financial matters that parents can offer their children will stand them in good stead for the future . It is important to give your children an allowance and let them use it as they choose ( file photo ) 5 . Pay for chores . Rewarding children for work around the house is the perfect way to teach them about earning money . Whether it 's doing the washing up , washing the car or tidying their room , giving them a little cash for them to save or spend as they wish will introduce them to the working world . Parents could also ask their children to think about and work out how many times they would have to , say , wash the car to pay for the Xbox they so want , so they are familiar with the value of money . 6 . Make it gradual . Parents should introduce their child 's financial education gradually - if mums and dads have n't spoken before about savings and how to use money , do n't jump in with one long chat , as it will become boring and feel like a chore to them . Introduce it gradually , making it a fun thing rather than a serious lesson , and make sure it 's ongoing , developing your child 's awareness as their familiarity with money grows . 7 . Be consistent . Although most parents give their children a sum of pocket money , only 36 per cent of mums and dads say they do so on a regular basis . Being irregular and offering varied amounts can actually make it harder for children to learn about budgeting . Be consistent . For parents giving their child pocket money , do so on the same day , with the same amount , and discuss with them , in a lighthearted way , what they can buy with that money , or what happens when they pop it into their piggy bank - the amount they have doubles by the following installment . According to child psychologist Dr Elizabeth Kilbey , it can be 'very empowering ' to give your children skills and confidence with money , so that they do n't have to face money worries in the future . This year ’ s theme for this week 's Global Money Week is ‘ Save Today , Safe Tomorrow ’ – parents can be part of helping children achieve this .
Majority of parents avoid talking about money with their kids . Only 43 % of parents think they are better savers than their children . More than 40 % believe children should not have to worry about money . More than a quarter feel awkward to talk about money to anyone at all . Tomorrow is Global Money Week , which helps engage children with money . Parents are the biggest influencers in forming money habits .