Ask the expert

Q: My children, aged six and 10, just don't understand money. Is it up to me to teach them, or are they taught at school?

A: Celia Allaby, from the Personal Finance Education Group, says: "Not all schools will be ready to teach about understanding money this year, but as your children get older schools will be gearing up to teach everyone.

"The curriculum for children aged five to seven will include things like recognising coins and how to keep their money safe.

"With children aged eight to 11, teachers will be exploring credit cards and bank accounts, household expenses and other outgoings.

"Meanwhile, you, as a parent, can do a great deal to prepare your children to manage their money, by giving them pocket money and giving them an even greater level of control over budgeting, saving and spending it."