The Money Advice Service and the Big Lottery Fund in Wales have launched a project to help parents teach their children about money management skills.
The pilot scheme, a three-year project called Talk, Learn, Do: Parents, Kids and Money, has been awarded £400,000 and will start in September.
According to a statement, the scheme aims to motivate parents and equip them with the confidence and ability to develop the next generation of money savvy adults.
Parents will be encouraged to help their children develop skills such as self-control, perseverance, sensible attitudes to money and setting financial goals.
It is estimated that the scheme will be implemented through nearly half of all local authorities in Wales and will reach as many as 1,000 parents and 1,600 children aged three to 11.
At the beginning of August, MAS and the Education Endowment Foundation launched a £700,000 fund to explore ways to give school pupils the tools and information needed for them to manage their own money.
Both MAS and the EEF are inviting applications from various organisations delivering or planning to deliver school-based interventions for pupils aged three to 16. The closing date is 1 October 2015.
Caroline Rookes, chief executive for MAS, said at the time: “We know that children start to develop the financial habits and attitudes that they take into adulthood from the age of three.
“Therefore it is really important that the financial education delivered in schools is effective in providing young people with the knowledge, skills and experiences they need to make their financial goals a reality later on in life.”
Research from MAS conducted earlier this year revealed that 91 per cent of all teens between 15 and 17 believed their parents gave the best money advice.
