How to Teach Children Money
Children and Money
Teaching children about money when they are young lays the foundation for responsible money management later in life. Children with parents who emphasize the importance of financial literacy and encourage them to spend and save thoughtfully develop a healthy outlook on money.
It’s never too early to start teaching your kids about money . However, doing this is not as simple as you might think. Some parents do not have enough confidence in their knowledge of financial matters to feel comfortable teaching their children about money. Others believe it is inappropriate to overwhelm young children with talk about money, or to think that children are too young to understand financial concepts.
When the behaviors and attitudes of fourth and fifth grade students who are given financial education are examined, it is concluded that “young students can learn financial subjects and learning is associated with improved attitudes and behaviors”, which increases their financial capacity in later life.
Education of Money Concept
Almost all parents ask the same questions:
- When should I start talking to my child about money?
- How do I teach the value of money?
- How can I convince my child that a college education is worth it?
We find that talking to children about money comes naturally as we go about our daily lives. Parents can take advantage of these “teachable moments” to help their kids start laying the foundation for a lifetime of financial success .