Teaching financial literacy to children is something all parents struggle with. Part of the issue is the fact that many parents don’t know when the appropriate age is to start teaching their kids about money. The other part of the problem is that kids generally aren’t interested. They’d rather have fun doing something else — and that’s understandable!
The good news is that there’s no perfect age to start teaching your children. As you know, children naturally start paying attention to your actions when you go shopping, withdraw money from the ATM or visit the bank. They realize early on that money is needed to buy things.
When you notice your child picks up on these basic financial actions, you can take it as your cue to start teaching them about money and how it works. Fortunately, you don’t have to do it on your own! There are tons of games and methods out there to help you instill a sound financial foundation. For instance, Wikibuy has created financial conversation starters for every age group.
When your kids start noticing how their mom or dad uses money to buy things, you should take advantage of the moment to teach them! One way is to use these basic money questions about money values to start quizzing them on dollars, cents, and how and why we need money. At the dinner table or during breakfast, let them pull a topic out of a jar and talk about it. It will encourage them to start thinking and talking about money!
As they get older, you can introduce more advanced questions, like these questions about budgeting and saving. This will introduce them to financial principles they need later in life. Want them to start saving up for college? Why not discuss savings one day and explain how it helps you pay for bigger purchases down the road?
You’ll be thankful in years to come that you started teaching your kids basic money concepts early in life. After all, financial literacy takes time, trial and error to master, so why not start now to give them the best head start possible?
- Money values: https://cdn.ivaws.com/wikibuy-ads/00-all-money-conversation-+starters-for-kids.pdf
- Q's about making money: https://cdn.ivaws.com/wikibuy-ads/02-questions-about-making-money-for-kids.pdf
- Budgeting and saving: https://cdn.ivaws.com/wikibuy-ads/03questions-about-budgeting-savings-and-financial-goals-for-kids.pdf
- Q's about spending money: https://cdn.ivaws.com/wikibuy-ads/04questions-about-spending-money-for-kids.pdf
- Basic finance terms: https://cdn.ivaws.com/wikibuy-ads/05-questions-about-basic-finance-terms-for-kids.pdf
- Full list of money questions: https://cdn.ivaws.com/wikibuy-ads/00-all-money-conversation-+starters-for-kids.pdf