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Children are like wells waiting to be filled with information—and information about money
can be a helpful topic to begin exploring at a young age. Behavioral scientists at Cambridge
University have encouraged parents to start teaching their kids about money as early
as 3 years old1, when they’re starting to learn their numbers and discover the difference
between wants and needs.
Your kids see you buying things, but does your preschooler understand where money
comes from—and the different ways it’s used or saved? Does your 10-year-old know how to
compare prices on that toy he’s saving for? Does your teenager have a savings account to
earn interest on earnings from parttime work—and upcoming graduation gifts?
If not, it might be time to have a conversation. The earlier kids understand how and why
money is earned, saved, and spent—the better their own money skills are likely to be.
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