5 tips to educate your children about finance

5 tips to educate your children about finance

It is never too early to teach children the value of money or the general concepts related to savings and the home economy. Here are some tips for raising aware and prepared adults

Education in finance and the value of money is one of the tasks of every parent. It is never too early to learn how to save and manage your money better. Succeeding in this goal allows children to become judicious and aware adults.

But what can parents do concretely? Should you give your children pocket money from an early age or is it better to wait until adolescence? What are the steps to introduce them into the home economy? Sector experts have often discussed these issues and many have advanced financial guidelines that can be adopted from an early age.

1 – Give pocket money from the age of 6

The first step to know the value of money is to have it available, to be able to see, touch and count it day after day.

In this context, giving the famous “pocket money” is a useful solution to teach your children to save and manage their money. It can be given as early as six years old, a fundamental age in which the child begins to know numbers and calculations, thanks to entering first grade.

You can start with 2-3 euros per week, the amount needed to buy a pack of stickers, a game at the newsstand or another small treat. From year to year, the amount can be increased: in the averages the sum can be raised to 7-8 per week, to be used for the cinema or an evening with friends, to get to high school with 15 euros a week.

Of course the figures are indicative: each parent can and must decide, after a comparison with their child, what is the amount to be paid weekly and how it will be spent.

2 – Talk about home economics

It is essential to talk with your children about the various aspects related to the domestic economy: how many hours a day you work and how much you earn on one side; how much you spend on shopping, paying for utilities and indulging in some whim on the other.

It may be useful to look together at the bills and the relative amounts, any registers and calendars that are kept at home to do the accounts, but also the grocery receipts.

Furthermore, if you have young children, you can turn the shopping into a fun and educational moment, playing together to evaluate which is the most convenient product to buy.

3 – Look for ad hoc programs for teenagers

There are so many initiatives aimed at the financial responsibility of children and many of these can be found online. Among the most recent and most successful ones, the project "I Think Positively – Educate for Finance" stands out, born in 2019 on the initiative of the Ministry of Economic Development and Unioncamerein the Committee for the planning and coordination of financial education activities.

The goal is to promote financial knowledge among young people who attend the last three years of high school, in an innovative and unconventional way, thanks to digital content and graphic motion training modules.

4 – Create a personal account on the various platforms

We live in a digitized world, where even the little ones have the opportunity to watch a product online or use a streaming service. The platforms allow each user to create an account and enter their bank details to scale expenses and monthly subscriptions.

Several systems also allow you to create accounts for minors, which allows parents to create a profile for their children and browse e-commerce, discovering and comparing the prices of various products. Of course, all purchases must first be authorized from the parent's account.

5 – Lead by example

The final, but perhaps most important step is to set a good example for your children. In fact, they learn not only thanks to words but from recommendations, but also from the actions and behaviors of their parents.

Category: Mom
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