Introducing children to money
Did you know that children’s attitudes towards money develop as young as seven? It’s never too soon to introduce children to understanding money, establishing good habits they can carry with them into later life.
Make the everyday fun
Learning about money doesn’t need to be a drag. Shopping can be a great way to get the kids thinking about the difference between price and value, the impact of advertising, managing a budget, counting change or learning about ways to pay. Turn a boring trip to the supermarket into a game. Put the kids in charge of the shopping list and get them looking for the best value deals.
An important life skill is learning to control our desire for instant gratification. Have fun trying the famous Marshmallow test and be sure to play along. Resist the marshmallow for 15 minutes and get another. Can you hold out? Whether it be marshmallows or spending money, understand how our emotions and feelings affect how we spend and manage our money.
Go for goal!
Kids love a challenge; setting and working towards financial goals is key to being good with money. Whether it be saving for something special or simply seeing how much they can save, get them to choose a savings goal and encourage them every step of the way.
Practice what you preach
Young minds are like sponges, learning by absorbing what they see and hear around them. Don’t forget that children will be looking to you and copying your behaviours – no more retail therapy, set a good example!
Help is at hand with Moneyready
Miss Moneyready has developed an online resource for children and young people bringing the subject of money to life through games, videos and quizzes. Lolly and Dosh share their secrets to becoming a savvy saver and smart spender and who knows, even the grown-ups might pick-up a top or two along the way!