Comments on: Money Management for Children – How young is too young?

By: Lillie

Lillie — Tue, 16 Feb 2010 20:49:39 +0000

I am in agreement with you: starting children off with learning how to manage their finances early is an excellent idea. For one, if people learned early the mistakes to avoid, perhaps it would prevent them from having to experience debt management issues as adults. There are many programs that offer money management skills for young children that are both educational and fun. The best part is that many of them are offered free and can be used in a home setting with the parents as the teachers.

By: Shaun McGowan

Shaun McGowan — Fri, 12 Feb 2010 02:35:43 +0000

Very nice post. We should not be “hiding” money from our kids.. I think it’s best if we teach them about it, on what is the right way on spending money, saving money.. even if they are young.

By: How to manage your money

How to manage your money — Thu, 04 Feb 2010 06:19:13 +0000

Very informative post. According to me in today’s world nothing is possible without money so management of money is very essential. We should stop wasting money on unwanted things,management of credit card properly and save money for your future by investing in good schemes after doing proper research.

By: Pat

Pat — Mon, 01 Feb 2010 19:21:43 +0000

Just to clarify, I still think it is important for everybody to learn personal finance in school. Just likly more benefit for the poorer folks.

By: Pat

Pat — Mon, 01 Feb 2010 19:19:51 +0000

I think teaching personal finance in school is especially important for for those children coming from poorer families. Part of the reason these people are poor is they simply have never been taught any personal finance, so they obviously cannot teach their own children, and the vicious cycle continues. Children from wealthier families will, in all liklihood, have these lessons taught regardless of what goes on in school.

By: Mike Collins

Mike Collins — Mon, 01 Feb 2010 18:23:50 +0000

I agree that schools should be teaching basic financial skills beginning at an early age. It would better prepare our kids to be financially savvy adults.

By: Jerry

Jerry — Sun, 31 Jan 2010 21:50:48 +0000

LOL @ Jason! I have the same types of conversations with my daughter. We’re very frank about money with her and she understands a lot. It leads to some interesting questions sometimes, too. We explain a lot to her. Have talked to her about our mortgage and what insurance is, etc. I don’t know how much sinks in but when she asks a question we try to give a thorough answer.

By: Jane

Jane — Sat, 30 Jan 2010 10:54:10 +0000

My kids also have a strict allowance and they are really starting to understand the value of money. They will weigh up the value of different purchases and it’s interesting to see how often they will choose not to buy something they asked me to buy for them when I say no. Unit pricing on groceries has just come in here (in Australia) and they are developing a good understanding of the differences between brands and packaging options – and seem to appreciate that I won’t pay $40 a kilo for chocolate just because there’s a princess picture on the foil wrapper!

By: Wojciech Kulicki

Wojciech Kulicki — Sat, 30 Jan 2010 02:26:19 +0000

Someone much wiser than me once told me that kids absorb their primary principles and value systems between the ages of 1 and 6. They’re like sponges, and everything learned during this period is very critical to how they react to future situations…

So no, I don’t think 5 is too young…especially if, as you point out, we’re not teaching them spreadsheets, but the principles they need to succeed financially later in life.

By: Mrs. Money

Mrs. Money — Sat, 30 Jan 2010 02:23:20 +0000

I think that personal finance should be a mandatory class in every high school! I think elementary school isn’t too young either.