Mary Poppins was about bringing a family back together again, but the undercurrent of the story was about the life lessons for children and one of them was taught by Mr Banks.
Mr Banks knew the value of a tuppence and placing it in a personal savings account, and his philosophy and delightful sing-song can be a lesson to us all. The American Psychological Association conducted a study, Stress in America, in 2014. It found that only 37 per cent of people talk to their family members about money and it stands to reason why that number is so low. A conversation about money can be awkward, but with a little education and some confidence, it doesn’t have to be.
Why do we need to talk to our kids about money?
The Stress in America study also found that parents are the number one influence on their children’s financial decisions. Kids are going to listen to their parents first and foremost about money, so why not share that knowledge? Better yet, the Consumer Financial Protection Bureau has a tool that is dedicated to helping parents teach their kids about money.
It’s important to spend money on the things that we enjoy, yet, it is in knowing the difference on what to spend money on and what to save for, that sets people up for success. Mr Banks wanted to instil that reverence for money into Jane and Michael at an early age.
How do you communicate about money?
New York Times best-selling author of “Get a financial life” Beth Kobliner said in an article for Forbes that children as young as three can grasp the knowledge of saving and spending. This shows that teaching children at a young age about money means that they are set up with successful tools when handling it in later life.
Mary Poppins taught the kids how to tidy their room, how to jump into paintings and how to dance with penguins, but Mr Banks showed the value of their money and assets. He tried to inspire them to invest their tuppence wisely in the bank, it will compound. The younger people learn about money, the better prepared they will be with student loans, buying a house and raising a family.
Mr Banks may have been a grumpy old man, but he looked after his family financially and taught his children the necessities of life.
If you want to encourage your children to be successful with money, talk to the team at Police Bank about the Dynamo Kids Saving Account option. It is practically perfect in every way.