Managing money can be a difficult skill to master, even for adults. As such, it’s incredibly important for children and young people to learn all they can before they reach an age at which they’ll be responsible for their own finances. Teaching strategies for saving and responsible spending early on can be a huge help to youngsters, in a way that will stay with them for the rest of their lives.

It can be tricky to know the best approach for teaching money management to children, however, especially in terms of giving them practical experience with this important life skill. This guide – made in collaboration with financial education app GoHenry – provides you with expert advice on how to educate children and young people on both spending and saving their cash.