inyour opinion
We asked: At what age – and how – should kids start learning about money and finances?
M
y children have learnt about money and finance since the
age of five. Even though we have a maid, my children do
chores around the house to earn beads, which we put into
a jar. The beads are converted into money at the end of
each day: one bead equals one dollar. My children then put the money
they have earned into their money box. After a couple of months, we
divide the money up in two: half gets deposited into the bank and half
they get to spend.
–Julie
I
think at four years
old kids should start
to learn how to
manage money.
They can learn by
buying a hamburger
by themselves
or even playing
Monopoly.
–Sonia
L
earning the value of
money has become
really important
for children today. They
don’t have to struggle for
things and earn them as
we used to, so I feel the
learning needs to start at
a young, impressionable
age. –
Tarana
F
rom the time I was able to earn good
grades or do big chores around the
house, such as taking care of the garden
and mowing the lawn, my parents gave me
pocket money for it. Money was something that
had to be earned. At 12, I learned about the
value of money when my mom encouraged
me to take my first job at the library. When
she discovered I spent everything and saved
nothing, she sat me down for a serious talk.
She taught me to prioritise my
purchases and why I should
always put a little aside
for savings. At 13 or 14,
she had me maintain a
ledger of incomings and
outgoings.
–Sherry
I
ntroduce it gradually when
they are four or five. Few
things build self-confidence
like walking 20 metres from
Mummy to buy your own ice
cream and receive change for a
twenty.
–Andreas
W
e started giving our
daughter pocket money
when she was almost
six. She spends a third, saves a
third and shares a third with the
less fortunate. –
Naomi
M
oney cannot be taught overnight. I think
it’s best done in stages, progressively
getting more advanced as they get
older. Starting with basic money
concepts around six or seven I think is about right.
One thing I firmly believe is that they should be given
the opportunity to blow it all on whatever they want.
Better now than later. Savings is a more advanced
concept.
–Mark
M
y children started learning about
money around six years of age. They
have daily chores to complete and,
at the end of the week, they get paid
for their work. If they don’t do their chores on one
day, they lose half their pay. It seems to be incentive
enough for them to stick with it. By starting them
young, they see it as part of daily life. Each school
year, they get a pay rise and a different set of
chores.
–Wendy
H
ow we manage
money can mean
the difference
between being financially
stable and stress-free, and
unstable and depressed.
Children should get
this training as soon as
they start demanding
toys and snacks. Giving
them a budget early-on
means they can try and
think about managing
their money. Start with
a jar of one-dollar coins
amounting to, say, $20 per
week. Children can then
accumulate the coins, bit
by bit, to buy a small toy or
snack they want.
–Shari
26
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