Some schools teach children financial literacy through special courses or classes, but the fact that it’s not in the curriculum means not all kids will be able to learn about money.
With the education system not making financial literacy a priority, parents will have to step in and teach their kids money management themselves.
There is no doubt about the importance of teaching children how to handle finances even at a young age.
When it comes to money management, kids are never too young to learn about it. Some parents even start helping their kids become financially literate at the ripe old age of three.
So far, the most common way of teaching kids about handling finances is by making them do chores.
By assigning children age-appropriate household tasks, they get to develop a sense of responsibility, feel that they are contributing something to the family, and build a good work ethic, all of which would serve them well as they grow up.
And if parents decide to give their kids an allowance for doing chores at home, they would be giving them an opportunity to learn what they can about money management.
Some parents typically hand over money to their kids when their kids are done with their chores. Others, however, use a kids debit card when they give an allowance for accomplishing tasks.
The benefits of such a debit card are manifold. For one, it’s much easier to control. It’s also safer than cash. More importantly, it can be highly educational and will help them learn how to make good spending choices with the money they earn through their hard work.
To know more about the benefits of a system that will help lead to smarter spending for your kids, check out the infographic below.
About the Author
Samantha Green is the Content Marketing Strategist for BusyKid, the first and only chore and allowance platform where kids can earn, save, share, spend, and invest their allowance. A mom of two, she enjoys spending time with her kids and reading books to them.
