How fairy tales could help build children’s financial confidence for life…

Research shows that children’s attitudes about finance are formed between the ages of five and seven. However a new study commissioned by HSBC UK has revealed that boys of this age report greater levels of financial confidence than girls in their peer group. It also found that girls are more likely to claim they don’t understand money and less inclined to think they were good with their pocket money compared to their male counterparts.

So what is causing this gender gap? Are you sitting comfortably? Then I’ll begin…

From early childhood, popular culture and the stories we tell our children plays a key role in shaping attitudes on many important aspects of their lives, including finances and money. Fairy tales are a prime example and a familiar medium through which different and powerful emotions are explored. These stories fire up children’s imagination and provide a lot of pleasure, which inevitably starts to shape their understanding of how the world might work.

However, subtle gender stereotyping in traditional storytelling can have an impact that lasts a lifetime.

If we are to level the playing field we may well need to start with the bedtime story, which is why HSBC UK have partnered with children’s author Emma Dodd on a new book, ‘Fairer Tales: Princesses doing it for themselves’. The book reimagines the stories of three beloved fairy tale heroines: Cinderella, Sleeping Beauty and Rapunzel. In this modern re-telling, rather than waiting on Prince Charming to save the day, these young women are determined to use their own financial acumen and entrepreneurial skills to realise their happily-ever-afters.

But building strong financial foundations doesn’t begin and end here.

Further findings also revealed differences in how parents talk to each gender about money, which can, have an equally significant effect on young children. Boys were also more likely to have received a talk from their parents about money than girls.

This only serves to reinforce the need to be alert to the environments that children are being raised in and what they observe. Do parents talk about what ‘we’ plan to do with ‘our’ money or is one parent seen to be the one who makes the financial decisions?

By challenging gender stereotypes with conversations about money and finances at home, parents can reinforce to their children how both sexes can be successful when it comes to money and finances, and by engaging young people about financial literacy early on in life will certainly help more people live happily ever after.

Michelle Andrews is the Head of Mortgages and Savings at HSBC UK.

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