Q: What is the right age to start teaching children about money?
A: You can actually start teaching their kids about money as early as age two by having them start sorting coins and learning the names of the different amounts. The sooner you share your knowledge with them the better off they will be. As they get older you can add in more concepts like saving vs spending. Don’t shy away from using everyday situations as teachable moments too.
Q: What types of everyday situations can help teach kids about money?
A: For example, when you’re at the store shopping, ask your kids to help you find the cheapest items you’re buying. Have your kids’ help you add up the cost of your shopping trip before your get the check out and see how close they get. Also, take them with you when you visit your financial institution, have them help you deposit money or use an ATM.
Q: What are some activities you can do at home with your kids?
A fun way to help your children learn about saving is to use piggy banks or jars. You can also use envelopes for children to draw pictures of what they’d like to save their money for. And don’t just set up a jar for the kids, set up your own jar right next to theirs so they see you saving money too. Kids learn best by example.