We teach our kids how to brush their teeth and wash their hands from an early age, but at what age should they begin to learn valuable lessons about money?
Kylie Macfarlane, Commonwealth Bank’s General Manager Corporate Responsibility, explains that it’s never too early to start teaching our little ones about financial responsibility. “Research has shown that our early experiences with, and conversations about, money can shape how we view and approach money management as adults.”
It’s a challenge to get little ones to sit still long enough to explain any kind of details, let alone financial wellbeing. So just like with food, it’s best to start with manageable bite-sized pieces.
“Kids absorb a lot from the actions of their parents. So remember to engage your kids in your own money management. Have them help with the grocery shopping, paying bills, or explaining the savings goals you’ve set for yourself.”
The key is to make it fun to keep them interested. “Generally, parents who teach their kids about money in a fun and engaging way can have a positive impact on their children’s financial knowledge, outcomes and wellbeing,” says Kylie. “As the mother of four-year-old twins, I started introducing ‘needs’ and ‘wants’ from approximately three years of age.”
Here’s how to get the conversation started.