Kids and Money: Include the Parents

Educators can help parents teach important money lessons at home.

Parents children financial education
Parents can teach important financial lessons to their kids at home.

 

The old saying “Monkey see, monkey do” comes to mind when we think about how kids learn certain behaviors, even financial concepts.  As children grow up they watch their parents spend money more than they probably see them save money.  If they aren’t taught the importance of saving money at an early age, they may fall into bad spending habits.  Many parents struggle with their own finances and may not feel they have the knowledge to teach their own children.

With all the resources out there, that’s why it is important for teachers and financial institutions to work together to help educate families on the importance of financial education.  There are many ways a parent can teach financial concepts through daily activities within the household and a simple newsletter can tell them how:

  • Grocery Shopping:  This is probably the best way to teach a child about how fast money adds up.   Also a good way to show how brand names are more expensive than store brands.
  • Wants vs. Needs:  When a child wants a new toy, this can be a smart way to show them how saving up money can help and also why sometimes spending money isn’t smart.
  • Allowance:  A simple allowance system can show children how to save money and create a budget system by recording what they spend money on.
  • Have Discussions:  Parents should not be afraid to have conversation with their kids about money.  This can be an excellent learning experience for both sides.

This may seem like an unimportant topic when there are so many other things children need to learn about.  But when a group effort is made to show the importance of financial education, these lessons will make an impact in many lives.