Our financial habits are formed at a far earlier age than we may realize. If kids – whether our own or those of family members or friends – don’t learn about money matters early on, how will they become fiscally literate adults?
To answer that question, we consulted different sources and experts we trust. They’ve provided the key, age-appropriate financial benchmarks detailed in the graphic below.
The truth is, from as early as preschool, kids can manage simple financial concepts. As they mature, the lessons can evolve to handling and managing money. Kids also retain financial learning best when it’s relevant to their lives. For example, a small allowance can be seen as a tool for choice. Buy that handheld video game now or save up for a Wii game over time? This “saving to spend” lesson is an important one.
For more detailed information on this subject click here and feel free to share with anyone else you know that has kids.