Teaching children about healthy financial practices can be a challenge. Although there are good ways to give children an incentive to save money, it can be much harder to explain the value of saving.
Among the resources available to help parents with this task is “Money As You Grow,” a website created by the President’s Advisory Council on Financial Capability and launched by the White House in May 2012.
The “Money As You Grow” website helps parents to teach financial literacy to their children. Written in easy-to-understand language, it seeks to remove some of the complications and unease that often surround money issues. The website has segments for five separate children’s age ranges: 3-5 years, 6-10 years, 11-13 years, 14-18 years and 18-plus years.
Here are some of the money tips for kids and lessons that the “Money As You Grow” website offers:
Age-specific lessons and related activities
When you click on one of the five age groups, you’ll see four financial lessons specific to that age range. According to the website, lessons are selected based on significant academic research and studies. Each lesson includes several activities that parents can use to help their child further understand the lesson. Example: why it’s good to compare prices before making a purchase (an example lesson for the 6-10 age range).
Age-related teaching outline for parents
The “Money As You Grow” website provides a clear outline of the level of financial knowledge that your child should have, based on his or her age. The suggested activities provide a way for you to help your child acquire that knowledge and practice putting it into practical use. It might even become the starting point to a healthy financial life for your child.