Q. When is the time I can start teaching my kids some basic financial skills?
A. Financial literacy education doesn't have to wait until school time, when your child has some number concept, you can start communicating with him or her about some basic financial concepts.
Below are a few signs that indicate your child is ready and the kind of conversations you can have with him or her.
A. Financial literacy education doesn't have to wait until school time, when your child has some number concept, you can start communicating with him or her about some basic financial concepts.
Below are a few signs that indicate your child is ready and the kind of conversations you can have with him or her.
- Your child could assign a value to a symbolic instrument, i.e., coins, bills, toys. This indicates you can tell him or her how an item is purchased with money and how many coins does it take to purchase. Do this on an ongoing basis, your child will understand the relationships between money, goods and value.
- Your child understands the number of coins they put in a piggy bank will accumulate over time. This indicates it's time for you to tell him or her the relationship between time, saving, and growth.
- Your child notices some of their friends have different lifestyles, e.g. play different kinds of toys, wear different types of clothes, etc. You can start linking such observations to their financial situations, this is not about other people's wealth, but more about linking money with lifestyle.
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