What's all this about HootLoot?

We're parents. We're raising two young children in the worst economic environment our generation has ever known whilst most of the "developed" world is currently on life support.

We want our children to grow up financially aware, so they don't repeat the same mistakes: the never ending student loans repayments, the struggle to put together a home deposit, the piling bank overdrafts.

Why we need to teach children about money

Whatever your values and ideological position, money is a necessary evil, it is inescapable.  In my first economics class we had drummed into us that "money is a means to an end, not an end in itself".  We just have to work out what that "end" is. On one hand it may be amazing experiences (family, travel, food and wine etc) but the other a burden of misery and entrapment (debt, mortgage, student loans, credit cards etc). Fortunately most of us fit somewhere in the middle, but wouldn't it be nice if it could be more about experiences and less of the latter? 

However the hurdles on the path of financial responsibility are almost unbearable - the lack of clear and simple information, the marketing spin, difficulty to make comparisons, income tax, inheritance tax, fees, charges, penalties, blah blah blah. This list goes on and on and you haven't even gotten to the fine print!

Figures from the ONS demonstrate how only 15% of children had a Child Trust Fund by the time they were removed, despite the financial benefits.

And when you finally block out an evening and gather the mental courage to deal with it, the subjects are so complicated and so... well, just plain boring that most will give up before they get past the first page. Try opening up the terms and conditions of a Junior ISA product as some bed time reading. It works!

Unfortunately we have.... well not as bedtime reading, but with backgrounds in finance we have experience in wading through these type of documents. So when our children came along, it was obvious that we shifted our attention to financial matters relevant to them. Out of this, the concept of HootLoot came about. 

Help from the pros

HootLoot is a website that we have built to help you and your children learn while managing pocket money. We are not a bank, but we feel there is a large gap in this area that we hope to fill. We want to draw on our experiences and knowledge to help you install healthy money habits in your children.

So that's it! We'd love to hear from you, so please comment, email, write, message in a bottle, send smoke signals etc etc. Thanks for visiting.


More bedtime reading

BBC - More student loans won't be repaid, government believes

BBC - Student loans face timebomb, says Labour

BBC - Junior Isas: Is confusion still putting parents off?



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