20% of parents ‘think social media is better at teaching children about money’

One in five (20%) parents believe social media might be better suited to teach their children about money than they are, a survey has found, despite the potential risks of scams and fake profiles.

Around two-fifths (42%) of parents surveyed said they do not feel they know enough about money management themselves to guide their children.

The vast majority (95%) of parents surveyed agree they should have a role in teaching their own children about money, according to the research for Santander UK.

Parents who have difficulties discussing money with their children said they would find various forms of help useful.

These include official guidance from schools or government about how to approach financial topics (24%), and an online community to provide them with support and advice (24%).

Nearly a quarter (23%) would like tips from their bank about how to explain financial topics. Many banks have money tips for consumers on their websites, including Santander which has a section on “ways to cut your spend”.

Mark Weston, director of financial support at Santander UK, said: “Teaching our kids about personal finance can be an uphill battle at the best of times but especially when we lack confidence in our own money management skills.

“There are trustworthy influencers and online resources to help children to grapple with financial education, but there are obvious risks without a parent to help guide them. Picking up money habits from social media with no parental involvement could leave young people learning poor financial habits or even open to scams.”

He added that financial education is a “key priority” for the bank, saying: “If parents are well-prepared to start teaching their kids the basics, it helps give teachers a springboard to take financial education to the next level at school.”

Opinium Research carried out a survey of more than 1,000 parents in May for Santander.