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Money Management

Do Your Kids Understand Money?

Raising a child and instilling the right values in them is the challenge of a lifetime.

Among the hardest values to instill in children is financial responsibility, which many of us don’t realize is important as quickly as we should have. If you’re trying to set your child on the right path financially, habits and mindset are more important than inheritance and trust funds.

If you’re wondering how your child is doing, there are some clear signs that you’re setting them on the right path. First of all, if they are comparing costs when you two are around stores or shopping, that’s an amazing sign. A child’s world is simple, so if they’ve started noticing the difference in costs between products, and they start to appreciate the meaning in this while they’re young, they’ll have a step up on their peers.

Among the more obvious but harder lessons, a child should know how to use money well. If you give your child a small amount of money, watch how they use it. Giving money to a child can be an awful idea, but when combined with guidance and habit-building, you should see the difference over time.

One of the greatest things you can teach a child to give them a better start in life is the power of money. While it may sound counter-intuitive at first, a child’s ability to give money is as important as their ability to hold onto it. A study from the University of Arizona shows that learning how to give money is strongly correlated to a child’s well-being. This is one of the harder lessons for a child to learn, but it’s an important part of building an appreciation for the power of that tiny piece of paper or metal in their hands.

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