Financial Literacy for Your Kids
Aug 07, 2023
Teaching our kids on how to earn and handle money at a young age is one of the greatest things our kids can learn from us, parents.
Researchers David Whitebread and Sue Bingham of the University of Cambridge have found that many of their habits around money are set by age seven.
Here are some ways we can educate our kids about money.
Chores
When it comes to household chores, assigning different monetary values to different chores of varying difficulty can help your kids understand the value of money.
Help your kids decide on a reasonable percentage for spending, saving, and donating. Discuss how these amounts will contribute to their short-term and long-term goals!
Saving
Break down long-term savings goals for your kids! For example, if the goal is to buy a new game, break down how many weeks at X amount of savings that goal will take. You can even contribute towards their savings based on how much they choose to save!
This way, as our kids get older, they will have established patterns for future money-management behavior.
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