Question When should you teach your child(ren) about money?
Answer When a child is given the opportunity to make a financial decision.
Complete Answer It is never too early to teach your child how to handle money (Financial Literacy). The best time to talk to your child about handling money is when they are given the opportunity to make a financial decision.
Please Note: A financial decision is made up of two parts;
1. the decision to spend or not spend money and
2. what will be purchased.
Your feelings of apprehension are normal and are similar to the feelings you had when your child first rode a two-wheel bicycle without you jogging beside them. I can assure you of two things, 1. they will make mistakes 2. but they will make fewer mistakes because you shared with them your experience and knowledge of handling money (Financial Literacy).
Financial Literacy Knowledge/Skill
You should teach your child(ren) how to handle money (Financial Literacy) when they are given the opportunity to make a financial decision – to spend or not spend and what will be purchased.
Comments or Questions
Thank you for visiting the Financial Literacy Life Skill site. Please feel free to submit comments and/or questions you may have about managing your money (Financial Literacy).
Next week’s topic: What should be your child’s first lesson about Financial Literacy (money management)?