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At What Age Should You Teach Children About Money

I sat in a fast food place today and I over heard two women (parents) talking about their children and how they would like to introduce them to money. One parent asked how old is her child and her response was 2years and the other mother’s child was 3years old. One woman said to them “you know it is very easy to teach children about money; you can turn your every day activities into learning experiences.” The woman continued on to say the following: I take my son to the bank with me, supermarket, or the cash machine (ATM), can be a perfect opening for a discussion about your values and how you use money. Keep in mind that when children are very young is the perfect time to work money concepts (ideas) into your child’s pretend games,such as playing imaginary store, restaurant or bank. Here are some fun, simple ways to teach your child about finance.

Since at age 2 or 3 children faced with a choice between a nickel, dime or penny will always select the nickel because of its size. This has been proven in the classroom with 2-3 year olds. At this age children won’t understand the value of money, they can begin to learn the names of coins. You can play the coin trace game with your child and then you both can color in size and shapes. You can have your child play the match game with the coin image as you discuss each the name of each coin. Please remember,the very young children could swallow the coins,so ALWAYS have very close supervision available.

We all know that young children love to play store, so placing an imaginary store in the dining room is more than just a fun way for your child to exercise his active imagination. As you exchange play money for goods, your child begins to understand the basics of buying and selling, says a teacher. You can use fruit,box tops (cereal), paper towels or sponges as store items. You and your child can make pretend money to shop with as you enjoy the financial experience.

Teaching about money can be carried on up to the teen years and beyond as they learn different aspects of the financial arena.