Home & Family
Communicating about money is not only for adults, it is for the entire family. Children can begin to form lasting money habits at a young age. Bring children into family discussions about money early on. Children as young as age three learn by observing their parents and by handling money. Parents should allow children to EARN, SPEND, SAVE, and GIVE:
- Children learn by EARNING. Try giving them an allowance to maintain.
- Children learn by SPENDING. Allow them to make money decisions and money mistakes.
- Children learn by SAVING. Encourage them to set money goals.
- Children learn by GIVING. Sharing is an important part of a child’s development.
Remember that parents are the number one influence on their children’s financial behavior.
Content below reflects the text in the graphics of the video:
- Parents are the number one influence on their children’s financial behavior
- Children as young as three can understand money concepts.
- Children form money habits by age seven.
- Children should learn to: EARN, SPEND, SAVE, GIVE.
- Let children EARN money by doing chores.
- Help children choose how to SPEND their money.
- Teach children one must SAVE to reach larger goals.
- Show children how to GIVE to help others.
- Financial skills start at home.