25. Lay down rules (with explanations) for borrowing, lending and trading both within and outside the family. |
| .43 |
|
|
| 3.80 | 1.54 |
17. Encourage them to have a (big) long term savings goal. |
| .41 |
|
|
| 4.44 | 1.23 |
4. Encourage coin identification and change calculations at home and in shops. |
|
| .73 |
|
| 4.81 | 1.13 |
2. Play with real or fake money: count, stack, guess the cost/value of things. |
|
| .68 |
|
| 4.67 | 1.19 |
6. Make pocket-money related to behaviour (i.e. specific chores completed appropriately and on time-gardening, cleaning, tidying) with the aim of them eventually becoming responsible for their own jobs and job charts. |
|
| .54 |
|
| 4.53 | 1.28 |
12. Let them watch your money transactions i.e. how to receive, calculate, query change. |
|
| .52 |
|
| 4.17 | 1.31 |
3. Describe the difference between needs and wants (food vs. ice-cream; medicine vs. a CD player). |
|
| .52 |
|
| 5.01 | 1.09 |
8. Use coins to rehearse arithmetic problems. |
|
| .50 |
|
| 4.44 | 1.29 |
1. Provide children with tools to save money (e.g. transparent piggy banks). |
|
| .46 |
|
| 4.76 | 1.09 |
7. Explain why they cannot have certain items they ask for (e.g. it costs too much, the money ran out). |
|
| .32 |
|
| 5.23 | .93 |
27. Establish rules/policies about breakages, money found on the street, mistaken over/under payments, shoplifting. |
|
|
| .71 |
| 4.59 | 1.34 |
14. Introduce the concept of “citizen of the household” and what responsibilities this entails (e.g. sharing, giving, honesty). |
|
|
| .70 |
| 4.31 | 1.57 |
13. Explain and set up a budget for childhood money (lunch, bus fare, school trips, breakages). |
|
|
| .54 |
| 4.05 | 1.37 |
40. Encourage smart consumerism: keeping receipts, knowing rights, understanding shop sales, knowing store return policies, reading the labels. |
|
|
| .47 |
| 4.31 | 1.27 |
5. Start pocket money as early as 3 - 4 years old. |
|
|
|
| .56 | 3.15 | 1.56 |
24. Explain tax (income and VAT) and tax your children’s pocket money (say 10%) to have a family tax where the whole family both contributes and decides how to spend it. Family meetings should be called to discuss this. |
|
|
|
| .43 | 2.87 | 1.54 |
Eigenvalue | 14.26 | 2.96 | 2.36 | 1.53 | 1.45 |
|
|
Percentage of variance explained | 33.15 | 6.88 | 5.48 | 3.55 | 3.38 |
|
|
Cumulative percentage | 33.15 | 40.03 | 45.51 | 49.06 | 52.44 |
|
|