Teaching children simple concepts about money is an important way to help them understand the value of money. It can also help them to discover the relationships between earning, spending and saving and can go a long way to setting them up for a successful financial future.
Many adults may avoid talking to kids about money because they lack the confidence in how they’ve handled their own finances. But as adults we are our children’s role models and we have education, experience and perspective which is very important when it comes to teaching children the basics about money.
From a young age children are exposed to the concept of money and what they are taught about earning, spending and saving money can influence their adult relationships with money. You don’t have to know everything about money to teach children about money and it’s never too early to start teaching children about money.
Here are ten simple concepts that can help:
There are many ways you can teach children about money and help them to develop healthy money habits. The key to teaching is to make it fun and rewarding and to let them try, even if it means a little extra time. A little effort now could help set them up for a successful financial future.