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When should you start talking to children about money?
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Money is essential to most things in life so learning how to manage it is a vital skill in much the same way cooking or swimming are. But what age should you start talking to children about money and helping them build good foundational skills?
Experts suggest that by seven most children understand the value of money, what it means to earn money and concepts like planning ahead. But even very small children can grasp things that are central to managing money like delaying gratification so it’s never too early to start.
According to Foresters, an excellent way to help children understand money is to talk to them about it as it comes up in daily life. This could be while food shopping, travelling to school or planning parties and buying gifts.
Concepts such as paying for essential goods, saving up, borrowing money and deciding how much to spend, all come up in conversation and are excellent learning opportunities. Giving children pocket money so they can practice these skills is a great way to learn too.
Foresters Financial offers a Stocks & Shares Junior ISA to help give children a financial head start. Find out more at foresters.com/FFJISA
Investing carries risk.