When it comes to money, most kids' first discover it by watching someone hand over a plastic card at the grocery store or watch a bill come in the mail. It's not until they start earning allowance do they start to understand the value of money.
What if this was too late?
Financial behaviors are formed by age 7, so it's important that students and kids begin their financial journey by kindergarten to ensure they are developing healthy financial habits that'll empower them for a lifetime of financial fitness.
Here are three reasons why:
Kids who learn about money early have a head start. By the time they enter school, they already have a basic understanding of how money works. This sets them on the path to success so they can observe different financial behaviors with a basic understanding. They can also begin identifying themselves as spenders and thinking about what they'd do in different scenarios.
Early financial education can prevent bad habits from forming. If kids understand the value of money and how to handle it responsibly, they're less likely to develop bad spending habits later in life. Building a sense of pride and confidence in money will empower them to spend wisely to help them reach their goals.
Financial skills are essential life skills. Just like reading and writing, everyone should know how to manage their money wisely - but most didn't receive the quality financial education they deserved. Financial education empowers kids to make sound decisions with their money that will benefit them now and in the future.
So when is the best time to start teaching kids about money? The answer is: as early as possible!
If you're a parent, teacher, grandparent, or caregiver, there are lots of ways you can help the kids in your life develop healthy financial habits. You can start by setting a good example yourself and talking to them about money. Every opportunity is a teachable moment!
There are also lots of great resources available to help you get started. Check out more from FitMoney for K12 resources, activities, and games that make learning financial literacy fun, easy, and a part of everyday!
So don't wait – start teaching the kids in your life about money today!