Money Makes the World Go Round
It is surprising schools are still not teaching children about money in this rapidly changing world where financial skills are needed to navigate life.
Establishing good money habits for life, children need to understand the basics such as budget, spend and save.
In this high-tech world, kids are seeing what is called ‘invisible money’ with the use of credit cards and pay pass. They are rarely seeing the exchange of notes and coins. This becomes abstract in their eyes and is seen as an unlimited resource. This is why young adults these days are in huge credit card debt, not realising its borrowed money.
Teaching your kids the value of money can easily be achieved when you are at the ATM, grocery shopping, giving them pocket money and doing bills.
Kids are able to learn about money at different ages. A toddler can be taught there is a difference between what you need and what you want. A primary level child can be taught to compare prices and to shop around. High school students can be taught about budgets and how tax is taken out of your pay.
There are practical ways to raise money aware kids and in these money driven times it is now essential, so they are able to function in society later in life.