Jayne Dowle: Why learning to count the pennies will pay off

It might not be the  most exciting thing a 13-year-old can do at the end of a school day, but I was surprised at his reaction when we emerged into the twilight. “That was mint,” he said. “We should do that at school.”

Our Jack clearly has not realised that he should already be doing it. Whether this is him being dopey, or the school not making financial education either memorable or a priority, I am yet to find out. The subject did become part of the National Curriculum from 2014, but Jack attends an academy where the Government’s educational edicts do not have to be followed to the letter.

And every parent knows that what it says in the National Curriculum is not always what actually happens in practice. Irrespective of the situation, it has been clear to me for a while that personal finance is coming way down the list of things to learn at school. That is one of the reasons why I felt it was time for me to take the lead.

I’ve saved £25 a month each for Jack and his sister since they were born. It’s not much, but it’s a habit I’ve stuck to – even through tough times. The idea is to give them a modest lump sum to build on for their future.

Recently, the Halifax sent me a letter warning that the already derisory rate of interest Jack’s money makes in his saving account was about to plunge even further. It was time to take action. I might not be a financial whizz-kid in a stripy shirt and braces, but I understand that money needs to make money. My grandma drilled this into me from the moment I started my first part-time job when I wasn’t much older than Jack is now.

By the time I was 18, the interest rate was 10 per cent on my Post Office savings account, tax-free. I’ll never forget the excitement of watching my deposit rack up. In fact, it’s true to say  I’ve never been as excited by a bank account since.

Still, I am aware of my responsibility to pass on what’s left of my financial acumen. I could have gone and opened an ISA on Jack’s behalf. However, I stopped and thought for a moment.  I do struggle trying to get through to my son that money has a value beyond that which can be exchanged for fancy trainers and FIFA points. What better way to teach him than to take him and show him what it means in black and white?

I must admit that Jack looked a bit unsure at first. However the rather jolly financial advisor, a young woman named Jade, made it easy for us. She took Jack seriously. As well as discussing his “investment”, she also chatted to him about the school-leavers who join the company as apprentices. Some of these youngsters have found school itself a challenge, but find opportunities to progress if they have strong people skills and a decent work ethic. Jack was most impressed by this. The world of “grown-up jobs” is still a mystery to many teenagers. We should welcome any opportunity to open it up to them.

I’m trying to raise independent children who can stand on their own two feet. In less than five years, Jack will be out there in the world himself. What use will he be if he has never learned to do anything for himself? I don’t want to be carrying him around as if he was still a baby. That’s another reason he came with me.

The sooner he gains confidence in handling a bank account, the sooner he will be able to make his own financial decisions. I might not always agree with them, but I’ve got to learn too – to let him do things his way, with a firm footing to stand on. I’d like him to travel, buy a house, and have a fulfilling life – but I’m not going to be signing his cheques for him when he’s 25.

If you still think I’m a tough parent for forcing Jack to face up to his financial responsibilities, consider this. A survey by Barclays bank and the charity Personal Finance Education Group found that almost half (42 per cent) of teenagers did not understand the difference between being in credit and overdrawn. And then we wonder why so many adults end up in serious financial difficulties.

We have some of the highest levels of personal debt in the western world, and it’s not just down to the cost of living in this country. It’s because quite frankly, too many people just don’t know what they are doing with their money. There is no point relying on schools to sort this out; it is first and foremost a parental responsibility. We teach our children to wash their faces and tie their shoelaces. Isn’t it time we taught them to read a bank statement too?