3 Highlights: Simple Dollar Blog on Teaching Kids About Money!

To raise awareness on the importance of financial literacy education, we are highlighting and reviewing articles on teaching children about money. We will share a few thoughts on 3 points from each column that HOP off the page to us. We would be delighted to share one or two of your thoughts as well. So, let us know what you think.

Today, we review How to Teach Kids About Money, from Toddlers to Teens by Michael Pearl for the Simple Dollar personal finance blog.

Here are three highlights from the article!

HIGLIGHT ONE

…  The world is beginning to embrace the idea of a cashless economy, and it’s raised some interesting questions about how we impart financial knowledge to our children...

Agreed! It raises the question - what special challenges will parents, educators and trainers face teaching children about money with out coins and paper bills?

SHARE YOUR THOUGHTS. What concerns and challenges do you anticipate related to youth financial literacy education resulting from the transition to a cashless society?

See these related read for additional perspectives on this topic:

Gen Z Will Pioneer the Future of Money by Andy Niser

Cards or Cash - Which Do You Prefer?

HIGLIGHT TWO

… At this point in your child’s cognitive development (Ages 3 to 6), he or she should begin to understand the concept of counting, so it’s the perfect time to introduce them to the general concept of money...

Yes, BUT it is not probably the most important thing you can teach a child this age about money!

Planting and instilling thoughts, feelings, and attitudes about saving money first is 10 to 1,000 times more beneficial for a child and their long-term well being.

While you are teaching them to count (and identify coins) which they are going to learn anyway, particularly if they are taught to make saving money a habit, others will be filling their heads, programming them if you will, to associate money with spending.

These people and enterprises realize they have a relatively short period of time, maybe seven years, from birth to age 7, to shape and cement kids thinking, feelings and attitudes about money that can drive their behavior for a lifetime.

Should you teach kids to count between ages 3 and 6, absolutely!

That said, introducing them to the language of money, teaching and role modeling basic money concepts, like saving, earning, spending smart, and giving wisely should be prioritized during this pivotal learning period.

You want to give kids a framework (operating system) and philosophy for interacting with, relating and managing money. It is something they will begin doing every day of their life from the moment they utter the words, "I want this or that, or give me this or that."

SHARE YOUR THOUGHTS. What do you think the most important one or two things you should teach a child about money between the ages of 3 to 6? Do you agree with the Simple Dollar blog's money teaching approach that places emphasis on counting coins?

SEE more Sammy reviews of articles on teaching kids about money.

HIGLIGHT THREE

"Maybe your child has gone on a few playdates and has noticed that other families have bigger houses and smaller cars, or vice-versa. This can lead to some difficult questions. It’s possible to answer those questions head-on, while building on your child’s financial knowledge..."

This is a BEAUTIFUL POINT!

There are numerous reasons why talking to kids and teaching them about money is challenging.

BUT, do not let these barriers prevent you from seeing your kids get a great education on personal finance.

In today's digital world, parents, teachers, and schools have lots of outstanding resource options available and accessible to them in just a click.

SHARE YOUR THOUGHTS. What HOPS off the page at you from the Simple Dollar Blog titled: How to Teach Kids About Money, from Toddlers to Teens!