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At what age can children be entrusted with money?
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eLdavis
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Personally I think it mainly depends on the maturity level of the child in terms of mental reasoning. Giving the child late does not necessary mean they would be mature in spending it. Also how you train them also matters.
What do you mean by the first money? Is it the first money that you are obliged to a make independent decisions on how you spend it? I would have taken my child through financial education before 10 and by 10, I entrust him or her with some bulk money to make independent decisions financially.
At least age 10 a child should know about money management. You teach them how to save and how to spend it wisely.
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The child's mind is empty. He must be fed with the right things that will help him when he grows big and mature. At age 8,a kid will have a common sense on how to budget his money for the next day.
I used to send my children to buy things from the shop when they were about 8years old and then the slowly learned to manage money.
At the age of 8 years old, my child would have made his own money. That means by age 6, the child already knows what money is because I would start giving him or her pocket money.
I think that this is a fair age, because if you teach it to younger children, they may soon forget and start doing everything on their own, and it will definitely be a wrong choice, but at the age of 10, children will definitely be able to use these funds exactly as you taught them
It depends on maturity than age. Some children developed faster and quicker than their peers. Some children can handle money at age of 8 while some will not at age of 10. Therefore, before entrusting a child with money, access his level of maturity and sense of cordination.
Children as young as seven can start to learn about handling money. You can give them a piggy bank to help them get started and teach them the difference between needs and wants. By offering them an allowance for doing household chores, you can help them understand the importance of working for their own money. This will allow them to appreciate the value of money and understand how to handle it properly.
King Belieal
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My niece just turned 4 on Sunday and I gave her a dollar as a birthday gift. I believe the mother should guide her on how to spend the money. That's where financial education should start. I think a 4 year old child should be entrusted with money.
For me l think at the age of 7 years old the children can be ready to be entrusted with the legal tender.
For me l think that at the age of six is very enough for the children to start being entrusted out with money.
My point exactly. You need to always strive to make teach them as young as they are to enable them grow with it.
I can give my child of 6 years old money and take him or her through the ropes of financial education. They can slowly learn at that age.
Yes, sometimes it depends on the mental capacity of that child. if they are the smart ones then you can go ahead at that age.
