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Children that are given responsibility of spending and saving from a young age will be better equipped to manage their money when they are adults.

Tips for helping children become financially literate in an age appropriate way.

Pre-School

• Show them the different coins and notes.
• Have a piggy bank and count pennies together.
• Learn by play – put price tags on toys, treats, etc, and use play money to pay.
• Encourage them to help with shopping lists, and stick to the list when shopping, as that is what you have enough money to pay for.

Primary School

• Help them learn to save and wait to buy something they want when they can afford it. Sticking to this helps your child learn self control and understand the difference between needing something and wanting something.
• Talk about the value of money and how much different things cost.
• Giving pocket money, however small, is a great way for children to learn to manage their own money, keep it safe and save for things they want.
• Show your child that not everything costs money. Fun days – a trip to the park or the beach with a picnic – don’t have to cost money and they can help to save money.

Teens

• Talk about bank accounts, earnings and household expenses.
• Give them some financial responsibility so they can learn that money is not unlimited.
• If you are able to give pocket money, give tasks for your child to complete to ‘earn’ it.

For more information and guidance in helping your child understand money and finances take a look at the useful links below.