When is the right time to teach children how to manage money?
source
Childhood financial education deserves attention in the development of children and although some families have not yet introduced financial notions in that period, it is important that children learn their value even small. This will make them become responsible and safe adults in relation to personal finances.
However, there are different approaches for each age. Very young children still do not know how to count, but they can already understand the symbology behind money.
Older children have a greater understanding of monetary gain, consumption, and expenses and can be taught more objectively.
Let's look at this!
Children from 3 to 5 years
In this phase of development, although children still do not have mathematical concepts to handle money, they know that each note or coin represents a symbolic value that they allow to buy. In this way, it is very significant that there are recreational actions to introduce financial education in childhood.
source
Encouraging to have a coin box, or playing games that involve money is a great way to awaken that look at finances.
Games can be made with simple materials, such as trimming colored papers and combining a value for each color, or separating different leaves of trees and stipulating that each species of leaf represents a value and then organizing a joke of social roles that it involves buying.
It is important that, through these two actions as the joke and the cuddle, the child is stimulated to have notions of conscious consumption and the importance of saving to buy something more important.
From 6 to 10 years
It is advisable to keep the fund and introduce actions so that the child can deal with the money outside of the joke plan.
source
In this phase the child already has the greater mathematical knowledge, achieving some mathematical operations.
Thinking about it, create possibilities for them to perform simple activities such as, buy popcorn at the movies, or something at the bakery, being an adult mediator of those activities.
Another interesting suggestion is to combine a task with the child so that she can receive some value to place in the savings chest.
An interesting alternative is to combine activities that go beyond the domestic routine, such as helping organize work materials for parents or even encourage them to make something that can be sold in the family or in the neighborhood, such as a recycled toy, cloth of plate with designs of children, some food, among others.
It is important to stimulate creativity at that time.
From the age of 11:
It is interesting to increase the responsibility for the use of money, but always in accordance with the budget possibilities of the family.
A good alternative is to give the children a certain amount of money so they can eat at school, encouraging them to eat healthy foods and make sure that the amount is close enough to the diet.
source
Encourage saving the change in a safe. Another interesting way to stimulate responsibility and financial education are to negotiate holiday gifts.
Children at that age may feel the need to choose their gifts, in this way parents can give a quantity and they manage what will happen.
What if it happens too much and you need more money? Financial education experts recommend that you do not give it.
source
At that moment, the child begins to understand the need to organize and save to acquire what she wants.
It's just making a parallel with your salary: you receive it monthly, and, when you spend beyond what you can, you do not ask the boss anymore.
At any age, give the example
At any stage of child development, it is important to remember to set an example. Children learn with the examples.
source
Therefore, it does not help to teach them to be responsible with the money if you arrive every day at home with unnecessary purchases, gifts and other items that stimulate consumption. His attitude is also important when it comes to educating them.
Financial education in childhood can help children become happier adults in the future.
In the end, security and a good relationship with personal finances can also bring emotional health to any human being.
Source of information
- http://www.apa.org/helpcenter/money-family.aspx
- https://www.kiplinger.com/article/investing/T065-C000-S002-best-ways-for-kids-to-invest-gift-money.html
Posted from my blog with SteemPress : http://roseri.vornix.blog/2018/08/20/when-would-it-be-advisable-to-start-the-financial-education-of-the-child/