Teaching Kids about Money Claudia Meier Magistretti professor Lucerne

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As a parent, you can start teaching kids about money by giving them a small allowance. This amount can be used for their entertainment, groceries, clothing, or gasoline. It’s not a punishment to have an allowance, and it will help them learn about money. Children should know that it’s OK to spend money when it comes to certain things. One simple strategy is to teach kids to „SPEND, SAVE, and SHARE.“ Using graphics and pictures will make the topic more interesting.

As a parent, you should start teaching your kids about money as early as possible. By the time they are five, children understand the value of saving, borrowing, and sharing resources. According to financial advisor Brad Benter of UBS in San Diego, „adolescence is an ideal time to teach kids about money.“ In fact, children can understand basic concepts of money as early as age three, according to a study conducted by the University of Wisconsin-Madison. Cambridge University research indicates that key money habits are established by this age.“

As a parent, it’s important to teach your child how money works. It’s important to understand that a child’s brain develops differently than a grownup’s, so it’s important to explain the concept to your child as early as possible. Some experts say that it’s best to teach your kids how to share as early as possible. You can also introduce them to the concept of sharing when they’re very young.