Love & Money Month – Children

From the moment of birth, a child starts developing behavioral habits. Think of all the messages kids receive related to money: parental modeling, advertisements, peer and societal pressures to spend. Building financial literacy for kids involves taking proactive steps to mold positive behaviors around money handling that can counteract marketing and social influences.

Love and Money Month includes providing resources and data for families with children. One of the aims of this campaign is to encourage families with children to take proactive measures toward raising self-sufficient children who are not only in position to cover their basic needs, but also on track to live rewarding and fulfilling lives.

Parents’ Financial Support of Adult Children

Half of parents financially help their adult children. – Bankrate

52% of young adults resided with one or both of their parents. – Pew Research

A PBS story reports that kids’ financial habits form by age 7; while a Brown University study on chores points to habits forming by age 9.

“Financial habits form young. Parents who fail to teach their children how to manage, value, and work for money risk raising children who lack the skills they need to be self-sufficient. This failure can have impact not only on the parents’ future finances, but also the adult child’s self-esteem, relationships, and overall enjoyment of life.” – Vince Shorb, NFEC CEO

Useful information on Love & Money Month – Children

Family Money Talks

5 Project-based Learning Activities to Teach Kids About Money

Tips for Teaching Kids About Money

At ages 2 through 7, children begin using and understanding language, and experience the world mainly from a selfish point of view. They only connect with one feature of a situation or object at a time. They benefit from lessons that encourage them to move around, handle things, and classify items into groups.

Between 7 and 11, children begin to develop logical, concrete thinking patterns. They can start understanding mass and volume and can gain symbolic understanding of things, for example, the amount of money and purchasing power represented by a certain piece of currency.

After age 11, youth begin thinking about things on an abstract level, which means they can learn through group projects, games, case study illustrations, and brainstorming.

Important Financial Literacy for Kids Skill Set