How to Teach Children about Finances?

[Goldynn89]

Many of us wish we had some form of financial knowledge to help guide us in our journey as adults.
In the book, Rich Dad Poor Dad, the author told the story of how he was taught about money from a young age and how that influenced his decisions in life about money.

As a parent or sibling who's had such experience, when and how do you believe children be taught about finances?

 

[King Belieal]

You start by letting the child know that money responds to value offered. If the child is going to get any monetary gift from you, make him do simple tasks like sweeping. That would register in the child's subconscious that money goes where value goes.

 

[Kirubel]

Its bit hard to explain this things or children, but you can start by explaining the concept of money and its uses. Introduce them to budgeting and saving money. Teach them about earning and managing income, discuss the importance of responsible spending, and differentiate between needs and wants.

 

[eLdavis]

This would definitely be one of my goals when am married and have kids of my own. This is one opportunity I never had while I was younger.

 

[freelancermaria]

Its bit hard to explain this things or children, but you can start by explaining the concept of money and its uses. Introduce them to budgeting and saving money. Teach them about earning and managing income, discuss the importance of responsible spending, and differentiate between needs and wants.

You can start by giving them a piggy bank and teaching them the value of saving. This can help them develop a habit of saving and become financially responsible in the future.

 

[deucher]

I think that very young children need to be told about money in the game and it will be interesting for them, and for adults, you need to show them by your own example and involve them in your finances

 

[Kross]

My sister teaches her kids that money fetches you any value you want. She also teaches them the need to put aside something for the rainy day. They're told to keep 10% of every tips they receive from other uncles and relatives.