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Money Box

Money Box Live: Children's Finances

Money Box

BBC

Business

4.2804 Ratings

🗓️ 20 November 2024

⏱️ 29 minutes

🧾️ Download transcript

Summary

More than half a million young people are yet to claim their Child Trust Fund which could be worth up to £2,200 according to the government, but how do you know if your child has one or even how to get it?

Plus with the Chancellor's budget on the way, we know parents are topping up Junior ISAs and giving away monetary gifts ahead of any changes she might make.

So, today we're looking at how to build a solid financial future for the children in your life and how to help get them get engaged when it comes to their finances.

Felicity Hannah is joined by Stephanie Fitzgerald, Head of Young People at the Money Charity and Sarah Coles, personal finance analyst at Hargreaves Lansdown.

Presenter: Felicity Hannah Producers: Sarah Rogers and Craig Henderson Editor: Jess Quayle

(This programme was first broadcast at 3pm on Wednesday the 23rd of October 2024)

Transcript

Click on a timestamp to play from that location

0:00.0

You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.

0:06.5

I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.

0:11.2

I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,

0:16.0

relationships, identity, comedy, even one that mixes poetry, music and inner city life.

0:22.4

So one day I'll be helping host develop their ideas, the next fact-checking, a feature,

0:28.3

and the next looking at how a podcast connects with its audience, and maybe that's you.

0:33.6

So if you like this podcast, check out some others on BBC Sounds.

0:39.5

BBC Sounds, music, radio podcasts.

0:43.4

Hello, there's a rush to protect the family finances ahead of the budget with parents paying into junior ices or giving away cash gifts.

0:51.0

But what is the best way to build a solid financial future for the children in your life?

0:56.1

Is it practicing with pocket money, opening savings accounts, or teaching good habits ready for

1:00.9

when they leave home? There's also millions of pounds in child trust funds going unclaimed. So there's

1:06.8

a lot to think about, and that's what we're doing in this Moneybox Live podcast. I'm

1:11.3

joined today by two experts who can answer any question you have about kids. As long as it is

1:15.9

financial, we don't pretend to have the answers when it comes to eating veg. Before we meet

1:19.8

them, though, I wanted to find out what the day-to-day experience of cash is for kids. Figures

1:25.1

from Nat West suggest around a third of parents still give traditional

1:28.6

pocket money. The going rate, in fact, is just under £4 a week. So what exactly are they spending

1:33.8

it on? I went to rugby in Warwickshire to find out. Holly, and I'm 11 years old. Did you get pocket

1:39.8

money? Yes, I get £5 a week and my younger brother gets two. Sometimes I save it. I try to keep my money balanced.

1:48.0

Are you good at saving?

1:49.0

Um, I would say I'm not the best, but I can save when I like know what I want.

...

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