By: David Lee, Sexton, Jr., MS
Did you know that children’s money habits are formed by the age of seven? I certainly didn’t. However, researchers at the University of Cambridge suggest that this may, in fact, be the case (“How to Teach Your Child about Money”, 2017).
But wait… how can this be? It’s not like kids are going out and accumulating credit card debt before they are seven. What would they even be buying? Better yet, how are they getting to the store?? Upon hearing this proclamation, one might be skeptical. However, this is probably why it’s the opening hook for Penn State University’s Clearinghouse for Military Family Readiness‘ video “How to Teach Your Child about Money”. Because let’s face it, it’s quite a hook. The short, nine-minute video offers parents four quick tips to guide them as they teach their children about money. For example, one tip includes incorporating lessons about money into your everyday interactions with your kids by explaining to them the transactions that you make. Need to make a withdrawal from the ATM? That’s a learning opportunity for your kids!
Check out the video if you want to learn more about the rest of the tips provided! (And if you’re curious about how kids could possibly form money habits before they even crack the surface of math lessons at school!)
Want to Learn More?
OneOp (MFLN) Family Development and Personal Finance concentration areas have enlisted the help of Neale Godfrey, author of New York Times #1 Bestseller, Money Doesn’t Grow on Trees: A Parent’s Guide to Raising Financially Responsible Children, to bring you a webinar offering guidance on how to raise financially responsible kids. This 90-minute webinar will take place at 11:00 am Eastern on November 27th. If you can’t join us live, you are in luck, as the recording will be archived for viewing at your convenience!
How to Teach Your Child about Money. (2017). Pennsylvania State University’s Clearinghouse for Military Readiness. Retrieved from https://vimeo.com/214673281