Findings from the Money and Pensions Service have found that only 47% of children in the UK have received a meaningful financial education. Money management is a vital part of being an adult, and an exceptionally important skill that will benefit children for their entire lives. Having the knowledge and self-control to let savings build up interest – or avoid an impulse buy can ensure that children go into adulthood at a significantly lower risk of financial difficulty. With Black Friday and Cyber Monday sales fast approaching, now is a great time to help children understand the value of money.

Of course, it can feel daunting when attempting to teach young people about something as complicated as money and responsible budgeting but there are several options at your disposal. To break down these options, we’ve put together this guide in collaboration with financial education app GoHenry, helping you teach children and young people all they need to know about spending and saving.