Parental Rules and Regulations scale itemsb

Principal component with varimax rotations

F1

F2

F3

F4

F5

Mean

SD

18. Show them family bills (food, rent, insurance) and explain them fully.

.76

3.80

1.48

37. Show and explain family insurance policies, schemes and payments

.72

3.44

1.51

36. Explain the stock-market and together play with a set amount (e.g. £100) by starting a portfolio, even at 13 or 14 years old.

.70

3.06

1.51

41. Discuss entrepreneurship and opportunities to supplement income.

.67

4.03

1.38

38. Explain the concept of a will and the details of your specifically with respect to financial

.59

3.83

1.51

19. Explain and model charity giving and encourage your child to do likewise.

.57

4.17

1.39

43. Ask for evidence of their budgeting plans and decision-making.

.57

3.34

1.49

26. Explain the use of verbal and written contracts about money related issues (e.g. payback after loans).

.52

3.88

1.43

22. Buy and explain a consumer magazine and how they work.

.51

2.67

1.45

21. Explain issues like tipping, tolls, tokens, consumer rights, value-for-money, comparative shopping.

.51

3.85

1.36

39. Discuss your income honestly and how you spend it.

.48

3.74

1.51

23. Watch and/or read television commercials together and analyse them for motive, product value and technique.

.46

3.14

1.53

33. Charge them board if they have an income from part-time work.

.45

3.47

1.70

9. Try to help them divide money into spend and save piles regularly and wisely.

.41

4.29

1.29

20. Establish rules for what happens to “gift money” from others at Christmas, birthdays etc.

.36

4.07

1.40

32. If you loan them money agree and stick to reasonable repayment terms (period, interest).

.73

4.07

1.44

35. Encourage regular, sensible, thoughtful budgeting

.66

4.67

1.14

31. Make them personally and totally responsible for their own bills-especially clothes, mobile phones, computers.

.66

4.05

1.49

29. Encourage personal and internet banking. Discuss and calculate interest with them.

.65

3.93

1.40

42. Encourage your child to do part time (Saturday) jobs.

.65

4.57

1.27

28. Encourage, model and educate the use of debit and credit cards.

.65

4.29

1.46

30. Direct debit pocket money into their accounts, perhaps as a standing order.

.59

3.59

1.56

16. Let them read about their investments e.g. bank statements/share certificates if they have any.

.54

4.03

1.36

11. Discuss contents, values, options of different goods when shopping particularly in supermarkets.

.51

4.11

1.34

10. Take them shopping and explain the decision making behind your purchasing behaviour.

.51

4.16

1.38

15. Get them into banking; formal savings. Explain how banks work. Go to the bank, read leaflets and open an account(s) with them.

.46

4.62

1.17

34. Help them save wisely-i.e. discuss where best saving conditions are likely to be found.

.44

4.67

1.14