What conversations are we having with our children; about the birds and the trees and to stay away from drugs? Very smart! Let’s add finances and how to be financially responsible while you’re at it.
The most common question among parents is at what age to introduce the topic of money to young children. The answer is always as soon as they can learn to count. Think about it; every adult was once a child and whatever values that were instilled in us as children are the ones we are going to hold on to for rest of our lives. They do not call them formative years for anything.
The role of schools is very crucial however different from that of parents. Most will agree that some changes are overdue in the education system to accommodate and reflect the changes in today’s world but that would take years of research and red tape before it passes and is applied in schools. More practically, what do children need to learn about finance from their parent?
- Honest and hard work is the only way to earn a living. Install the virtue of legal and hard work (not child labor) in them by giving them chores around the house and rewarding them