Our ‘Rooster Heroes’ series brings you financial experts from all over the world, asking them 10 quick fire questions on all things pocket money and allowances – so you learn from the best. They’re all leaders in their field, and they’re all people we at RoosterMoney admire.
This month we spoke to Russell Winnard.
Russell is the head of Financial Education Programmes & Services at Young Money, an organisation that provides knowledge, resources and training to anyone teaching young people how to manage money.
1. What’s your earliest money memory? 🍼
This is going to date me… but it’s counting out £1 notes from my piggy bank which was stored on top of my wardrobe. I can’t ever remember being given pocket money as a child, and that’s maybe why I started my paper round on my 13th birthday!
2. What did you want to be when you were a kid? 👶
I was dead set on being a vet, and even completed a degree in Zoology, however the world of money and finance always interested me, and in the end, this won over – turns out you can use a Zoology degree to begin an accountancy career!
“turns out you can use a Zoology degree to begin an accountancy career!”
3. What’s your favourite candy? 🍬
Definitely the large chewy strawberries.
4. Describe your money personality 🤔
Not a huge risk taker, probably more of a saver than a spender, although not terribly good at keeping a detailed track of everyday spending!
5. What’s the best bit about your job? 💼
That I get to do something that I am truly passionate about. Being able to plan, develop and deliver nationwide programmes of support for financial education is a real privilege. Over the years millions of young people have developed their financial knowledge, skills and attitudes through the support we provide, and I hope many more millions to come.
“The first £1 you put into any longer-term savings or investment product is the one that is going to work hardest for you…”
6. Do you give your kids an allowance? And if so, what’s the system? 💰
In our house we operate a monthly allowance system. I have three children and they receive slightly different amounts depending on their age. The interesting bit is that half of the allowance is paid automatically into their accounts and the other half is paid in cash and is based upon whether they have contributed to household chores that month or not. Too tough??
7. Best piece of money advice you’ve ever been given? 🎓
The first £1 you put into any longer-term savings or investment product is the one that is going to work hardest for you and be worth the most when you come to need it. The concept of compound interest is so powerful.
“Talk, talk and talk some more about money. We don’t do it enough.“
8. What’s your top tip for parents on teaching kids the value of money? 💡
Talk, talk and talk some more about money. We don’t do it enough. It’s one of the final taboos, and yet if there were more open discussions around money in the family home, young people from as young as 3 would begin that learning journey. Parents can provide some great learning experiences, such as allowing their children to budget for and purchase ingredients for a meal, or challenge them to save money on energy use in the home.
9. How will we be paying for things in 2040? 🤖
I’m going for biometrics – thumb print, iris scanning or even earlobes (check it out – even more stable than finger prints!).
10. Bonus: Favourite app on your phone (apart from RoosterMoney of course!) 📲
Got to be the Met Office app (slightly obsessed!). It’s amazing how often the weather influences what we do with our money.
For more information on Young Money and the services they provide, visit https://www.young-money.org.uk!