No wonder experts say parents should introduce their children to basic financial matters at an earlier age than ever. "Teaching children the value of money from an early age provides a good foundation for their future spending habits, and sends positive messages about managing finances and living within one's means," explains Simon Walsh, spokesman for Family Lives. "Their observations of how you spend, save, budget and donate to charities can shape early views about money management."
Get them involved in making their own financial decisions too. "My eight-year-old son Henry knows that if he wants something, he must select a few items he no longer wants, photograph them, write a description and put them on eBay," says Rebecca Gunn, 39, who lives in Bedfordshire.
Like many parents, Gunn also uses pocket money to help her son to understand its value. "It stops him walking into a shop wanting everything he sees. It makes him think about what he wants and he enjoys weighing up the pros and cons of things as the week goes on."
Research from Equifax reveals a growing emphasis on encouraging children to "earn" their pocket money through basic chores such as washing up and tidying up. The average amount children receive, according to another survey by Halifax, is £4.57 for 8-11 year-olds and £7.02 for 12-15 year olds. "Each of my two children, aged five and seven, has a special job around the house once a week," says Sarah Brown, a 40-year-old mother from Kent. "It means they realise they need to contribute something to earn money."
A vital component of the pocket money concept, she believes, is that kids discover their own spending power. "This is where, as a parent, you have to get the balance right between parental advice and allowing your child to make their own decisions – and therefore mistakes. It's definitely given my children an understanding, which did not exist a year ago, of how important it is to know how much things cost," says Brown. "Even simple things like checking the price tag on the box to see if it's affordable, is not something you see many kids do. Perhaps most satisfying of all is that my eldest, has opened a bank account and is already beginning to grasp the concept of interest."
When your children hit their teens, consider swapping pocket money for a monthly allowance, but the same principles apply, advises Pritee Chohan, Money for Life Programme volunteer and a branch manager for Halifax. "Sit them down to explain the differences between the savings accounts on offer and help them to budget for that holiday with friends or for driving lessons. By the time they leave home, they should have all the money savvy they need to make a great start in life."
Triadformula.com says Forex trading is better than any other types of investments - PRLog (free press release)
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Forex trading committing occurs very immediately and at almost whenever of the day or night. The industry is open 24 hours a day and 7 days a week. You can business almost at any time and from anywhere you want. With online forex currency trading systems, creating financial commitment in forex has become all the more fast and practical.
In forex currency trading, there are no middle men or providers. You can carry the trading on your own. In trading, you have to go through a broker which not only decelerates the advance, but also costs you much. In forex currency trading committing, you are free to take away all the income that you earn by creating financial commitment in forex.
One the forex trading gurus, Jason Fielder, has just released “triad trading formula 2.0." This publication will be a valuable resource for those who want to get into forex trading and need to know exactly where to start. It gives detailed information on how the market operates, gives examples and scenarios, and defines terms and jargon. This will be a good foundation for the new investors to be able to participate in foreign currency trading.
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MONEY MARKETS-Interbank rates fall on bets of c.bank stimulus - Reuters
* Three-month sterling Libor falls further after minutes
* Euribor rates within whisker of record lows
* Cut in ECB deposit rate seen more likely than refi rate
LONDON, June 20 (Reuters) - Interbank lending rates in sterling and in euros continued to fall on Wednesday on growing expectations of further support from major central banks around the world to counter the fallout from the euro zone's debt troubles.
The Bank of England looked to be close to launching a new round of monetary stimulus because of the worsening euro zone crisis, according to minutes of its last policy meeting, which showed officials split 5-4 on the move, with Governor Mervyn King in favour.
The minutes helped take three-month sterling Libor to its lowest since September 2011, after the rate tumbled last week when the BoE announced a raft of measures to boost liquidity in the banking system and hinted that more quantitative easing gilt purchases could be on the cards.
Three-month Euribor rates were only a whisker away from record lows after recent comments from European Central Bank officials prompted markets to price in the possibility of more rate cuts.
"Barring a massive rebound in retail sales tomorrow and better PMIs, above all, I think the market is going to be heavily discounting more QE (quantitative easing in the UK) in July," Ma r c Ostwald, strategist at Monument Securities, said.
"For the euro zone, I think really the jury is still out ... The talk that ... reducing the deposit rate to zero is no longer a subject which is a taboo at the ECB, would seem to suggest that a few people will be looking for the ECB to cut rates in July. But what difference that's going to make (I don't know)."
ECB policymaker Ewald Nowotny said earlier this month the bank has the ability to cut interest rates if the euro zone economy continues to deteriorate and could even slash the rate that controls money market rates to zero.
That along with recent comments from ECB President Mario Draghi that the euro zone economy faces serious risks and no inflation threat has heightened expectations the ECB could cut interest rates or take policy action soon.
Reflecting this sentiment, three-month Euribor rates traded at 0.657 percent, unchanged from the previous day's level which was the lowest since April 2010. Euribor rates hit a record low of 0.634 percent in March of that same year.
Three-month sterling Libor edged lower to 0.91775 percent from 0.92150 percent the previous session, after a sharp fall last Friday.
DEPOSIT RATE CUT
Eonia forwards showed that markets were expecting the Eonia overnight rate to trough at between 0.224 percent and 0.174 from August, suggesting the market was discounting some possibility of a deposit rate cut.
The rate offered by the ECB's deposit facility is 0.25 percent and is seen as a floor for overnight Eonia rates which last traded at 0.33 percent.
"A deposit facility rate cut is (what the market is) expecting now. If you look at where money markets are trading, it's now expecting Eonia fixings below the 20 basis points level, 15 bps below current Eonia fixings. That would only be possible with the cut of the deposit facility rate," Benjamin Schroeder, rate strategist at Commerzbank, said.
It was hard to gauge market expectations for a deposit rate cut because the ECB could opt for a smaller reduction to say 0.125 percent or a bigger cut to zero percent, he said.
But the market was pricing in a 40 percent chance of a deposit rate cut to zero percent in July and a 50-60 percent of this happening in August, he added.
The reading varied widely between analysts.
Simon Peck, rate strategist at RBS, said the market was pricing in a 25 percent chance the ECB would cut its deposit rate to zero in September and only an 8 percent chance of such a move in July.
The Federal Reserve on Wednesday may also opt to launch a new round of monetary stimulus.
Forex Flash: BoE Minutes to clarify Funding for Lending and £5bn auction – TD Securities - FXStreet.com
Forex: AUD/USD capped at 1.0210, retraces gains - FXStreet.com
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