We posed the following question to our friends on LinkedIn with our blog post titled: Two Kids Age 4 Talk Money with Author!
AT WHAT AGE should we begin teaching kids about money?
Below are some of the responses we received!
Send us your response. We will share it in Part 3 or 4 in the series!
CLICK to submit your response using our website contact form or email us at: contact@SammyRabbit.com
Gina Green, CAMS, Jurisprudence Law, Speaker, Author and Financial Literacy Specialist
I think 4 is a great age for a simple introduction.
I can recall an instance where my son around that age wanted something purchased at a store and my response was I didn't have money for that. My son quickly replied "just go to the bank".
At that point, I knew it was time to explain to him that the bank can only give you what you put in there. There is no free money.
I used that time to give an introduction to money that was suitable for a child with a "short attention span". As time passed, there were more opportunities for "teachable moments" and I continued to teach.
My son is much older now, yet I continue to "share" my financial knowledge and he is appreciative of my time and efforts to equip him for financial independence and financial success.
Susan Doty, Director of The Center for Economic Education and Financial Literacy at The University of Texas at Tyler
As soon as a child begins to make choices, it is time to introduce the concept of money.
Parents and caregivers can facilitate a choice mindset very early with questions like "do you want this or that"; "do you want to wear your red shirt or blue shirt today?"; and "do you want to go for a walk or read books together?"
Money should be introduced with the idea of earning it, perhaps with some very early chores. Only then is it time to introduce saving because it will be a choice. "Do you want to spend or save?" "Do you want this toy now or a bike later?"
Too many of the financial literacy efforts by well-meaning people focus on the "how to" methods of saving and budgeting without enough attention paid to the underlying question of why.
Rahkim Sabree, Personal Finance Expert, Author, TedX Speaker
As soon as they are able to understand the concept of exchanging a good for a service!
For example, do you want a cookie?
That’ll be one instance of doing (x desired thing). You can then highlight how that behavior is similar to currency in that way, hence, money is not taught as an item, but an exchange.
Read Rahkim's Sammy Rabbit Childhood Money Memories Interview!
J.J. Wenrich, CFP®, Wealth Manager & Author
As soon as they are old enough to stop putting the coins in their mouth is what I always say.
Doug Nordman, Personal Finance Author
As J.J. says, kids are ready to handle money as soon as they're old enough to stop eating it.
In our case, 22 months was too young for our daughter (she choked on that quarter). But after her second birthday she was ready to play with coins & bills and talk about buying at the grocery store.
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Here is a "sneak peek" at couple of questions we would love to have your thinking on:
(1) Other than home or a classroom, WHAT is one of your favorite places to create a teachable "money moment" and why? Is it the bank? How about the grocery store? What about in the car, at a restaurant or at the gas station?
That is one of the Sammyriffic things about daily life, it offers lots of opportunities for "in the moment" and "on the spot" life learning!
(2) Who is your favorite bank or credit union? What makes them special?
CONTACT SAMMY!
Contact Sammy to learn more about his strategic approach to early age and family financial literacy education.
CLICK to use our website contact form or email us at: contact@SammyRabbit.com