8 money lessons to teach your kids before it is too late

One for those with kids! Has anyone been tackling money with their children during the lock down? How did it go?

2 Likes

Related to this - has anyone come across Moneyready? It looks like a great resource for teachers and/or parents looking to teach kids about money.

https://www.moneyready.org/

Interesting, thank you for sharing Sean.

How do you approach money with your children?

Would you emphasise teaching them with bank notes and coins or digital money? Some people seems to manage money better when it is physical (notes and coins in your wallet).

My intention so far is to spend a lot of time teaching my kids about digital money (showing them how I use my bank account apps etc…) rather than notes and coins because it is so irrelevant day to day.

RBS are now doing videos for kids every Monday: https://www.facebook.com/royalbankofscotland/videos/243993663388687/

1 Like

I don’t have any children, but I’m not sure why anyone would teach their kids about money management using coins and notes when all signs are pointing in the direction of a cashless society in the future. Kids who’re growing up now will look at tangible money how current generations look at floppy disks and cassettes!

1 Like

Also my thinking.

Some people claim that with cash you are spending less but I struggle to find academic research on this topic.

My take on this is that it depends on age.

For younger children, I think the tangibility of physical money is still useful to convey the concept that there is an exchange happening in order to received goods or access services. It also helps with learning counting and basic addition/subtraction. My 4 year old wouldn’t understand the concept of bank accounts and digital transfers yet, but she does understand having a purse with coins in it.

For slightly older children, the notion of physical money rapidly loses its usefulness. For my 9 year old, it’s far more useful to teach her how a debit card works and the digital transfers that are happening as a result.

3 Likes

Great approach @jamie.mcdonald. I like it