Everything has a monetary value, so in my opinion the earlier you can start exploring these topics, the better.” – John Are There Any Monetary Terms Or Phrases You'd Avoid Using In Front Of Children?

One of the toys I bought her was a cashier’s till and we pretended we had our own supermarket, so she could start understanding the concepts of buying and selling. “I started talking to my daughter about money when she was two years old and could barely understand the issue at hand. Research also suggests that how we behave around money as adults is learned during childhood from observations we make as we’re growing up, whether that’s from our parents, friends or from television.” – Philip Children of all ages can benefit from learning how to manage their finances early on in life, and as with most things, it’s experiences at home that have the biggest influence. A study by the London Institute of Banking and Finance in March 2022 found that over 70% of young people wanted to learn more about money and finance in school. “It’s absolutely vital to start talking to your kids about money as early as possible. It’s important to teach children about money because money is freedom.” – money mentor John Lee When Should You Start Talking To Them About It? That teaches her about the value of money and that there’s only a finite amount. I make her take her pocket money, and she has to hand over the physical cash and take the change. When I go shopping with my daughter, who is four and a half, I make sure we never use Apple Pay and I never take a credit card. The first generation makes the money, the second generation spends the money and the third have to make it back again. “In the Chinese culture there is this thing called third generation rich. Those who learn about money management throughout childhood tend to be able to manage their finances more successfully later on in life.” – Philip Stubbins, Managing Director at Money Expert

Educating your children about the value of money is key to building their confidence with cash, teaches them how to manage their finances more effectively and helps them achieve financial stability. It’s for this reason that it’s important to teach kids about money, including how it works, the value of it and how to spend it wisely and efficiently. “With no prior financial knowledge, often it can be difficult for children to understand that there isn't an endless supply of money available every time they want to buy something.

Why Is It Important To Talk To Children About Money?

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