5 Power Packed Reasons to Teach Kids the Difference Between Wants and Needs

April 6th, 2023 by Team Sammy

Power Packed Parenting and Education

Parents, teachers, community leaders here are 5 power packed reasons why it is important to teach kids the difference between wants and needs.

Enhanced decision making skills. By understanding the difference between wants and needs chlldren hone their critical thinking abilities, including learning how to prioritize effectively. This leads to more informed and better decision making. It enables chlldren to get more of what they truly want, value and desire. And, it will ultimately result in them experiencing greater satisfaction with their choices.
Be sure to incoprorate the Sammy Rabbit money songs Wants and Needs and Make Your Choices Count when talking to and teaching kids about this topic.
Better money habits. Grasping the distinction between desires and necessities establishes the foundation for prudent financial behavior. Children who grasp this concept are more likely to manage money responsibly, practice saving, resist impulse purchases, and steer clear of debt and its associated interest payments.
Cultivation of Gratitude: Recognizing the distinction between wants and needs fosters a sense of gratitude for the essentials in life. Children learn to appreciate what they have, rather than taking it for granted. This mindset shift encourages gratitude and contentment.
Empowerment and Self-Sufficiency: Teaching children to differentiate between wants and needs empowers them to take charge of their own well-being. This crucial life skill instills a sense of self-sufficiency, enabling them to navigate life's challenges with confidence.
Valuable Life Skill: Ultimately, understanding the difference between wants and needs is not just about managing money; it's a cornerstone of personal development. It equips children with the tools they need to thrive in various aspects of their lives, fostering resilience, responsibility, and resourcefulness.

3 Studies on Wants and Needs

Here are three studies that support the importance of teaching kids to prioritize wants and needs and suggest that doing so can have a positive impact on kids financial habits, self-control, and decision-making skills.

A study conducted by the National Endowment for Financial Education found children who learn financial literacy skills, including the ability to differentiate between wants and needs, have better financial habits as adults.
A study published in the Journal of Personality and Social Psychology found kids who are taught to prioritize their needs over their wants have higher levels of self-control and are better able to resist temptation.
A study published in the Journal of Consumer Affairs found children who are taught to differentiate between wants and needs are less likely to engage in impulsive buying behavior.

3 Sammyriffic Quotes on Wants and Needs

“Beware of little expenses; a small leak will sink a great ship.”

—Benjamin Franklin

“Stop buying things you don't need, to impress people you don't even like.”

—Suze Orman

“If we aren't careful, our children will come down with 'affluenza,' a disease that causes them to confuse wants and needs. ”

—Michelle Singletary

Sammy Rabbit Says

Always be learning!

Keep your kids growing their knowledge and discovering new ways to make their dreams come true, including saving and investing money regularly to earn compound interest!

You can do it. Now, get to it!

How You Can Help Sammy Rabbit Advance Kids and Families Financial Literacy Levels

Let's collaborate to get kids, families, and communities advancing their financial literacy knowledge, habits, and skills. Here are a couple of ideas on how you can help and we can work together.

Give custom, co-branded Sammy Rabbit story and activity books to kids in your local community!
Collaborate and partner with Sammy on "1" project in 2024: See a Menu of Ideas or suggest your own.

Contact us to explore more options and support Sammy's mission. Thank you. Have a #Sammyriffic day!

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