Ways to Teach Your Kids About Money

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Wednesdays | 3 p.m. ET
About Money
Ways to Teach Kids

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This week, we talked about ways to teach kids about money.
ex.pn/kidsmoney

What is an appropriate age to start teaching
kids about money and finance?
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Wednesday | 3 p.m. ET

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“Start with a piggy bank for young children
who are learning to count. Teach them the
difference between coins and bills.”
- @LeslieHTayneEsq

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“When kids ask for something at the
checkout stand, they are ready to start
learning about managing money.”
- Bill Dwight, @FamZoo

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“Start early! Young kids notice their parents using
money, so playing games like store can get them
interested.”
- @SouthStateBank

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“I started the money talk when my kids were
able to grocery shop with me. They had a
budget and learned to comparison shop.”
- @kevincswanson

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“According to research, age three! It starts
with teaching patience! ”
- Brian Page, @FinEdChat

What financial topics are most important for
children to understand?
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“The difference between needs and wants is
important for kids to know as soon as
possible.”
- @FedChoiceFCU

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“Budgeting is an extremely important topic for
children to begin understanding from an early
age.”
- @PicaCreditUnion

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“Teach kids power of compounding in way
banks can’t with parent-defined interest.”

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“Topics must be relevant to teens, ideally
taught using hands-on-learning, based on
finlit standards.”

How can we incorporate money lessons into
everyday activities for kids?
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“One of the easiest ways is to take your kids
grocery shopping, explain to them
purchasing decisions and how to budget
money.”
- @care4yourfuture

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“Seize the moment! My favorite: When I gave a homeless
person money & my kids asked why. More ideas:
moneyasyougrow.org”

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“Explaining to teenagers how you budget
and the critical thinking you use in making
decisions is important.”
- @catherinebyerly

How can teachers incorporate financial literacy
in their classrooms?
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“Games are always a fit with kids. Make it
fun! Monopoly can be a great tool depending
on the age of your students.”
- @CinfedCU

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“Teacher can incorporate opportunities to ‘buy’
and ‘sell’, even if it’s play money.”
- @kevincswanson

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“I prefer using games and simulations. Keep
it relevant, engaging and student-centered.
More ideas: moneyasyoulearn.org”

What resources are available online to help kids
learn about money?
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“SavvyMoney.com is a great resource that
gives prices for saving, etc. Kids love it!”
- @FedChoiceFCU

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“The @NatlJumpStart Clearinghouse rocks! A free
online library of financial education resources!”

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“Try MyMoney.gov for resources and
information about money lessons for
kids/youths!”
- @KOFETIME

How can parents who are struggling with money
teach their kids about finances?
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“Be honest about your situation. Teach the
difference between wants and needs, and
involve them in financial plans.”
- @SouthStateBank

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“Parents struggling financially should be honest
with their kids and let them help; kids can think
outside the box very often.”
- @kevincswanson

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“You can also involve them in tasks like
planning an affordable family outing or
making spending decisions at a store.”
- @LeslieHTayneEsq

What do you think about allowances? Pros/Cons
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“Allowances are a great way for kids to
learn about saving, budgeting, and financial
consequences!”
- @JustOnePay

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“Allowance can help with developing
personal values, acquiring math skills,
learning to plan, building
independence/confidence.”
- @nickelapp

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“Allowance can be a great teaching
tool. It’s easier to teach patience
and critical thinking when they
are using their own money.”

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“One of the biggest benefits of allowance is
create an opportunity for a conversation
and teachable money moment.”
- @dreambigclub

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“A clothing allowance where you hand over
spending you already do on kids behalf
works well.”

How should money lessons progress as children
get older?
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“Money lessons should become more
advanced with age and you should cede
more control to your kids.”
- @care4yourfuture

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“Teach teens to save separate emergency
fund. Great habit to learn early.”

“You can tweak the lessons with the age. It can go
from allowance lessons, to savings accounts at bank
to credit cards.”
- Jeanne Kelly, @creditscoop
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“When kids are younger, they learn the
importance of money. Once older, they learn
to use it wisely.”
- @FedChoiceFCU

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“Teens can start to learn about paying bills,
credit, and concepts like compound
interest.”
- @JustOnePay

What money lessons do you wish you had
learned at a young age?
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“I wish when I was younger I learned more
about credit!”
- Jeanne Kelly, @creditscoop

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“The consequences (good and bad) of
student loans! It’s so easy to sign and not
think about the impact they will have later.”
- @LeslieHTayneEsq

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“I wish I would have learned earlier that you can’ buy time
with money. I wish I had more time with my family and
friends.”

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“The idea of compounding interest; learning
that at a younger age would have been a life
changer.”
- @care4yourfuture

Any final tips for smart ways to teach kids about
money?
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“Don’t make it harder than it is. Money is
part of your everyday life. Just include your
kids in the conversation.”
- @CinfedCU

“There must be a
connection between your
own values, and your
financial choices.”
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“Get your kids involved with your household
budget and family spending! Financial
literacy is a life skill!”
- @FrogskinU

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“Make it fun, turn it into a game! Remember, what
you do is more relevant than what you say.”
- @AirForceFCU

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“Education is key. Get proactive about
teaching kids about money and encouraging
them to learn.”
- @JustOnePay

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Check out all the resources and tips shared:
ex.pn/kidsmoney

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Join Us Every Wednesday at 3 p.m. ET.
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Ways to Teach Your Kids About Money

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