Getting teenagers to think about saving for their old age is a mammoth task at the best of times, and with the stresses of the coronavirus health crisis it may now seem impossible. But as the effects of lockdown are felt in the economy and people’s livelihoods, now is actually a really good opportunity to discuss the value of money. Ease your teenagers into the world of finances gently, by getting them to complete the ‘Bank Statement Challenge’. Devised by Sian Bentley, a teacher from Leicester, all you need is a bank statement from a few months ago and one from during the lockdown period. Go through the statements with your kids and compare your spending then and now.

This is a simple way to talk about the family’s finances, and in real-terms, can show the effect coronavirus is having on your budget, especially if, like many families right now, your household income has taken a hit. With a concrete example of the value of money in their minds, you can introduce other concepts, like the power of investing to grow their savings. Stock markets have had difficulties as a consequence of the coronavirus, but savvy investors are picking up ‘bargains’. Some families may have spare cash to do just that. The Centre for Economics and Business Research has found average households are spending 30% less than pre-lockdown. Unable to go out and spend as freely as they may have done previously, young adults may also have healthier wallets. Point out to them that as well as having a rainy day fund, investing can make their money grow, and discuss the positive impact time can have on investing.