Publish at April 13 2021 Updated September 22 2022
Money makes the world go round, and it has for a long time. Indeed, humans have always traded in order to exchange products or services. Bartering was common locally but money provided a comprehensible approach. Through money, it was possible to ensure the balance of a commercial exchange. Since then, other economic concepts have been added, especially with capitalism. Thus, in a world where this financial approach is adopted almost everywhere, it seems necessary to teach the principles of money from an early age.
Now, for both parents and teachers, this can be an uncomfortable exercise. Not everyone knows how to approach the issue. In Quebec, the Desjardins Financial Cooperative has worked since 1934 to teach savings and has never stopped since. Elementary school students were encouraged to deposit a few pennies in slips from time to time to start a small account at the local caisse. A way to explain to children that with the accumulation of a nest egg, they will eventually be able to achieve a dream.
Of course, as the economy becomes more complex, you can't simply introduce children to all aspects of it. It's best to go in stages.
This U.S. site explains the different stages for introducing concepts. For example, in 3-6 year olds, the basic ones can be learned: acquiring money (through small tasks), spending it, saving it, or even making gifts. This may seem early and yet there is already a principle of exchange that develops between children in party contexts. For example, on Halloween, little ones will grasp the principle of giving someone a piece of candy: they will never see it again. They will quietly give a "value" according to their interests.
For some, it will take a few treats to part with a lollipop or a piece of chocolate. So, from these examples, it is possible to make them understand that the money earned can be accumulated for an important project (a toy, a doggie, etc.). It can be good to teach them to give to others without expectations in order to instill charity.
As they move into the 6-10 year old category, the concepts of goods and services can enter. Now, money is not only used for objects but also for activities like going to the movies, accessing an online streaming site, etc. This is the right time to explain that people work and are paid to provide these items and services. At this time, the concepts of wants and needs should be made explicit. Which expenses are necessary and which ones are just impulsive? As a result, they will understand the short- or long-term goals in saving.
At age 11 and up, it is time to talk about consequences. Thus, parents can discuss with them the issue of credit, that it is not unlimited money and that generally it is better to pay the whole amount in the following weeks. Otherwise, debts and interest payments will arise. The principle of interest can in the context show how it can be the worst enemy in the case of debt and the best friend in savings. In this period, families are encouraged to make budgets with the children so that they can analyze the income and expenses of the last month. Beyond the age of 13, will enter all the concepts of work, banks, investment and later on taxes and "good debt" (e.g. mortgage, student loan, etc.).
It should not be forgotten that the parents in themselves are examples that children will follow. Thus, it is best if they themselves are financially literate to avoid projecting overly casual attitudes about money. However, many parents on a tight budget may wonder if it is appropriate to discuss these topics with their offspring. All right. They don't have to have an allowance to learn the basics of finance. If that's not possible, they can use free ways like making a trade in a store checkout explicit. Talking about money issues is also instructive and involving them in monthly budgets can be beneficial. However, it is important to avoid sharing stresses experienced due to a lack of funds. Children are generally not equipped to deal with these types of concerns.
Then, for a reasonable amount of money, games can be a great way to learn the basics of business. Obviously, the classic Monopoly immediately comes to mind. There are a plethora of versions including one made expressly for children.
Or, other classic titles also have money principles like "The Good Paycheck" or "Destinies." Playing with money made for kids is a very small investment that gives them the opportunity to act out workers at stores or the bank. They can even pretend to get a paycheck that they hold onto until they can buy a toy they have at home.
For young preteens who love video games, strategy ones instill notions of capital accumulation. A title like "Planet Coaster" shows them that they must find financial resources to expand their amusement park, create new rides, etc. Even The Sims reminds us of the importance of earning a salary in order to improve one's home and possessions.
Illustration : Guillaume M. on Unsplash
References:
"How To Instill Financial Literacy In Your Children." New Brunswick Financial and Consumer Services Commission (FCNB). Accessed April 9, 2021. https://fcnb.ca/fr/guides/comment-inculquer-des-notions-financieres-a-ses-enfants.
Fox, Michelle. "Want a Fun Way to Teach Your Kids About Money? Try These Games." CNBC. Last updated January 14, 2021. https://www.cnbc.com/2021/01/14/these-fun-games-can-teach-your-kids-about-money.html.
"The History Of The School Caisse." Caisse Scolaire. Accessed April 9, 2021. https://www.caissescolaire.com/parents/qu-est-ce-que-c-est/historique.
Milam, Sam. "How to teach your kids about money when you struggle with it yourself." The Washington Post. Last updated June 24, 2020. https://www.washingtonpost.com/lifestyle/2020/06/26/how-teach-your-kids-about-money-when-you-struggle-with-it-yourself/.
Pearl, Michael. "How to Teach Kids About Money, from Toddlers to Teens." The Simple Dollar. Last updated August 13, 2020. https://www.thesimpledollar.com/financial-wellness/how-to-teach-kids-about-money-from-toddlers-to-teens/.
Singh, Manpreet. "Top 8 Manipulatives for Teaching Money Concepts to Little Learners." Number Dyslexia. Last updated November 6, 2020. https://numberdyslexia.com/top-8-manipulatives-for-teaching-money-concepts-to-little-learners/.
"Teaching Kids About Money And The Exchange Of Goods." Lexington Services. Last updated November 12, 2020. https://lexingtonservices.com/teaching-kids-about-money-and-the-exchange-of-goods/.
"Teaching Your Kids About Saving, Spending, and Sharing Money." First National Bank of Las Animas. Accessed April 9, 2021. https://www.fnblasanimas.com/teaching-your-kids-about-saving-spending-and-sharing-money/.
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