Maybe you and your partner have talked about it before, or maybe you have not thought about it yet, but the financial education of children is extremely important. The younger you learn to deal with your child with money, the smaller the chance that they will get into financial problems later. But from what age do you start? And what is the best way? You can read that here.
The importance of financial education
Learning to deal with publishing, saving and borrowing money is something we don't talk about at home or at school. Nevertheless, financial education is important for children. In fact, have you never received how to deal with money from your parents? Then there is a good chance that you will be more often confronted with payment problems or have difficulty ending up later. Children who do learn about money can save more easily and are responsible for their money.
Dealing with money starts with the basics. You can already playfully implement this in education. Here a few lessons that your children can give at an early age:
- Working with a budget for a certain time.
- Money you spend, you don't just get back.
- How to save.
- How a bank account works, and how to deal with this.
The right age to start with financial upbringing
OK, so you can start financial education on time. But what age are we talking about? In general that starts around five years. Children get to know money and learn about saving, for example. That does not have to be pocket money right away, for example, shows how to pay in the supermarket or talk about money together. Another idea to introduce children to money at a young age is to play "shop" at home, for example. In this way they learn that products have different prices and work with a budget.
About pocket money and saving
The next step in financial upbringing is to recognize various coins and banknotes. This is also a good age to start with a small amount for pocket money. Your child can then learn about the value of money and learns to deal with a budget for a week or a month. How much the amount is and whether you give it weekly or monthly is yours. You can increase this amount when your child gets older. It is important that you also provide new responsibilities with this. Consider, for example, buying a gift for a boyfriend or girlfriend or save together for a more expensive product.
Tips for better learning to deal with money
Educating children is a complicated job for every parent. Especially learning to deal with money can sometimes feel a bit awkward. We therefore have a few tips that make this a lot easier:
- Agree with your child when they get their pocket money.
- And how long they have to do with this money.
- Do you prefer not to buy your child, for example? Also discuss this together.
- Set up a saving goal together, and help your child remind them occasionally.
- Also teach your child about borrowing money and what the consequences of this can be.