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Parents 'failing to talk about finances'

By Wesleyan

Parents are struggling to talk to their kids about money, research reveals.

A study by the Money Advice Service (MAS) shows only 52 per cent of mums and dads regularly chat to their children about financial matters, with many lacking the confidence to address the important issue.

'Uncomfortable' and 'awkward' are just two of the words used by parents to describe such conversations, while some avoid the subject because they believe children should not have to worry about money.

Eight is the age at which most parents start to equip their children with money skills, around the same time their child starts to receive pocket money.

But previous MAS research shows youngsters have begun forming the habits that will lay the groundwork for how they handle money in the coming years by the time they reach the age of seven.

The Government-backed body says this suggests parents are generally leaving it too late to start having conversations about money.

Copyright Press Association 2015

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