It’s never too early to introduce money skills to children – but how should we be talking to young girls about finances? After all, the gender pay gap is no myth. Among full-time employees, the median hourly pay was 8.3% less for women than men in April 2022, according to the Office of National Statistics (ONS). It impacts pension saving too: a report published by the Institute for Fiscal Studies (IFS) earlier this year found that across all working-age people, women had average total annual pension contributions of £2,600, compared with £3,400 for men. Women are also less likely to invest. In a survey of 6000 UK adults in 2022, Boring Money estimated that only 40% of investors are women. Alexandra Loydon, director of partner engagement and consultancy at wealth management company St. James’s Place, points out that the “financial services industry has traditionally not targeted women”, adding that there is “an opportunity for the industry” to change this. There are also lots of systemic factors that form an important part of the picture, especially in terms of equal opportunities, pay and maternity/paternity leave. Alongside this though, how can parents and guardians help by talking to young girls about money? “We should be encouraging women to engage with their finances from a young age, and save more when they can and if they can. We should ensure that women take advice, put a plan in place, set goals and don’t touch their long-term savings to help build their wealth over time,” says Loydon. Zoe Brett, financial planner at EQ Investors, agrees that “financial literacy needs to start at school age”. Here are three key things to think about when talking to young girls about money… Encourage them to negotiate “We should be instilling and encouraging women to not be afraid to ask for pay rises and promotions. Statistically, women are more likely to not go for jobs if they do not meet all the requirements [compared with men],” says Loydon. So, how can you model this early? “If rewarding good report card or exam results, ask them to tell you how much or what that achievement is worth and why,” suggests Brett. “Or if paying pocket money, then ensure they are earning it with chores and do a pay review each year, where you ask them to make a case for a raise in pocket money.” Teach them basic money language Introducing them to money management concepts can be incorporated into family life. “We often see children’s chores as mowing the lawn or doing household duties, but how about implementing something more financially orientated, like helping with a weekly shopping budget?” suggests Brett. Done in a positive, age-appropriate way, this could help them become familiar and confident with some basic money language. “Being open and discussing finances during family dinners can also be helpful – children are naturally inquisitive and will likely ask questions or at least passively soak up information,” Brett adds. “For something more structured, there are online courses aimed at teens that teach money basics, or even just following a decent financial influencer on social media can be a great way to teach.” Encourage saving for things they want Saving is an important life skill and instilling this early can empower children with a sense of independence around personal finances and earning power. “If I wanted something, my mum would tell me to save up half the cost of it, and she would pay the other half. It taught me to only spend my money on things I truly wanted. If I wasted my money on sweets, then I simply couldn’t have that new toy I wanted,” Brett recalls of her own childhood. “I didn’t realise it at the time, but every time I put money into my savings account, my mum would double it. This lovingly sneaky little trick gave me an early lesson in compounding and made me want to save more, because I could see my savings growing, it was a real sense of achievement.” Of course, not all households will be able to do this, especially when living costs are stretched. But teaching girls how to save, however possible, is so useful. If you are in a position to do so, Brett suggests: “Open a savings account early on and give them autonomy for that account, with a little guidance along the way. Encourage them to put 25% of their pocket money, earnings, or birthday money into the savings account… Encourage is the optimal word here, enforcing it could lead to resentment and rebellion,” she adds. Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live STI cases at record highs: 6 things everyone needs to know about sexually transmitted infections What’s wrong with my roses? Men’s Health Week: How to talk about sensitive or ’embarrassing’ health issues

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Sam Altman will return to OpenAI after an agreement in principle was reached, the company has announced. Posting on X, formerly known as Twitter, OpenAI also announced a new initial board of former Salesforce chief executive Bret Taylor, the former US treasury secretary Larry Summers and Quora chief executive Adam D’Angelo. Mr Altman also posted, saying “i love openai, and everything i’ve done over the past few days has been in service of keeping this team and its mission together.” Last week the board of OpenAI, which created the ChatGPT artificial intelligence tool, said it had pushed Mr Altman out after a review found he was “not consistently candid in his communications” with the board. Greg Brockman, the company’s president and co-founder, who left in protest at Mr Altman’s sacking said on X: “Amazing progress made today. We will come back stronger and more unified than ever.” “Returning to AI & getting back to coding tonight,” Mr Brockman added. The previous board of directors, which included Mr D’Angelo and Mr Brockman, refused to give specific reasons to why they fired Mr Altman last Friday. This led to mounting pressure within the company to reinstate Mr Altman, including a threatened exodus of nearly all of the company’s 770 employees. Microsoft, which has invested billions of dollars in OpenAI, moved to hire Mr Altman and Mr Brockman on Monday. In a post on social media on Wednesday morning, the chairman and chief executive of Microsoft, Satya Nadella, said he is “encouraged by the changes to the OpenAI board”. “We believe this is a first essential step on a path to more stable, well-informed, and effective governance.” Read More Data protection watchdog warns websites over cookie consent alerts Employee data leaked during British Library cyber attack Half of adults who chat online with strangers do not check age – poll Businesses embracing generative AI but fear cyberattacks, survey finds Young Britons turning to AI chatbots for help with school and work – survey Police to trial use of drones as first responders to emergencies

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