Building societies and banks offer a huge range of financial services including accounts (e.g. current, savings and business), loans, mortgages, insurance, investments, credit and debit cards, overdrafts and foreign currency exchange. Some of these services are also offered by other organisations such as the Post Office and some supermarkets.
One of the services that most people will have is a building society or bank account.
Managing money is an important lifeskill. A good way for young people to get started is to learn how to budget: planning for what comes in and what is needed to pay out. Making a budget sheet (on paper or on a computer spread sheet) is a great habit to get into (for parents as well as children!). It's easy to show your child how to do one, and you can make them as simple or as detailed as you like. Here are some ideas:
With so much of the country in debt, it's important to encourage children to save their money and avoid making decisions that could lead to them owing money.