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 |