CHILDREN ARE like sponges; they generally absorb knowledge fast. Parents can take advantage of this wonderful time by teaching them about money early on.
In Rich Kid Smart Kid, author Robert T. Kiyosaki wrote: “I am often asked, 'At what age should I start teaching my child about money?' My answer is, 'When your child becomes interested in money.'”
Lifestyle trainer Chinkee Tan, author of the book Till Debt Do Us Part, shares that kids can be taught about money as early as four years old.
“Here are the ages at which a child can start learning about money,” says Chinkee, “and the kinds of things he or she is probably able to learn at that stage:
Ages 4-5: What Money Does and Is
Show the connection between what your child wants to buy and the money needed.
Ages 5-6: Where Money Comes From
Reward for good behavior or task completed should be EARNED.
Ages 7-8: How To Save
Set aside a portion of every peso your child receives from loved ones or relatives as savings. Teach your child the value of savings.
Ages 8-11: How To Invest Your Money Wisely
Save money through banks and other financial institutions. This allows the child to understand the effect that interest has on his or her money.
Ages 11-14: How Money Works
Money can be generated by getting into business. Money issues like borrowing, making loans and its effects should also be discussed. The goal is for the child to understand the pros and cons of borrowing.
Ages 14-18: How to Make More Money
At this age, a child also needs to understand how these things work: personal budgeting, overdrafts, credit cards, bank charges and so on. The goal is for the child to be independent in handling his or her personal finances.”
Here in the Philippines, money is taught as early as preschool. It is part of the Math curriculum. But always supplement at home what is taught in school.
What kids can learn about money, according to age
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About this Entry
This page contains a single entry by Karen Galarpe published on July 2, 2009 12:28 PM.
Managing family finances was the previous entry in this blog.
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salve blogs at http://moneystories.ph
This is so helpful. I hope this item will be used by teachers to emphasize the importance of money and to encourage kids to open savings account as early as possible.
Until today, Filipinos still love more spending than saving. That's why our malls don't run out of people. And we always find reason to spend, be it fiesta, monthsary, anniversary, birthdays, etc.It's high time our kids will learn how to keep it.
teach children at the earliest age possible to bank savings deposit. with your guidance teach them how to make deposits on the bank but never teach them how to make withdrawals. teach them the joy of having increasing deposits in the bank.
This topic somehow reminds me on what my 2 year old daughter usually does with the ATM machine whenever she sees one. I hope I could share the picture with you. Makes me laugh whenever I see that picture.
DepEd should consider adding BASIC FINANCE subject kapit Elementary pa lng.. dapat malaman ng mga bata ang ways ng tamang pag-save at needs vs wants...
marami na din akong nabasang books about how to become financially free... since nabanggit dito si Kiyosaki gusto ko lng i-share ito...
Nung una ko nabasa ung Rich Dad, Poor Dad sabi ko ang galing namn nitong taong ito... pero ngayon parang feeling ko ginawa na din nyang BUSINESS ang pagsusulat ng libro... napakarami ng books na sinulat o co-author si Kiyosaki... Well ok lng un, kaso ang lagi nya sinasabi dapat FREE ang pagtuturo ng mga concept na ito... kahit pag nat-talk si Kiyosaki ang MAHAL ng bayad... dapat kung talagand gusto nya i-spread ang kaalaman nya.. babaan nya ang presyo ng libro nya at babaan din nya ang presyo ng mga seminar nya...
@Spyware, you're right, it would really be good if personal finance would be taught in school. And korek ka diyan about Kiyosaki. :)
@Boyet, share the photo! :)
See you tomorrow at Money Sense Live's seminar on Family Finance 101!
Can't wait to have kids of my own! ^^
There are some schools that actually teach personal finance and entrepreneurship at a young age. I think some of the International Schools in Manila do. I saw an ad in one of the blogs I frequent about it. Hopefully, similar programs will be integrated in other schools as well. Maybe we can ask DepEd to make it a must in school curriculum ^^
there is no need to add another subject..there is values education subject..why not another chapter on BASIC FINANCES..this will break the notion that we (filipinos) are immature when it comes to finances..
Share ko lang ito. British kids interviewed about money matters. So funny and smart-alecky! :D http://news.bbc.co.uk/2/hi/business/8159985.stm
Is it easy to save money?
- I think it is hard to save up money, because you have to be good and that is really complicated for me. I have to make my bed, wash up and all that, but sometimes I can’t be bothered so I don’t get any money.
How much does a house cost?
- I would pay £3,000 for a big house, £2,000 for a middle-size house, and £1,000 for a bungalow.
Do you know an average house costs about £150,000?
- Now I know why my mum keeps on saying that we are poor!
If you had £1m, what would you do with it?
- I would drive to London, earn another £1m, then I would pay the Queen for her house. She can live in my old house.
If you had children but not enough money to feed them, what would you do?
- I’d make sure I looked good so I could get a very rich husband who could pay for things.
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Once kids understand the value of money it is not difficult to teach them on how to save and they are also interested in how to double the amount. Most of them save to buy a dream toy, was that saving? We also try to introduce them into the world of personal finance and entrepreneurship at an early age which is good but I feel making them give too much importance on money can give them the wrong signals. I feel we should also teach them about acts of kindness towards the poor people and I'm sure they'll learn the value of money and also try to become more humble.
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This is a great post. But I think we need to guide our kid on what is the importance of saving money depending what they're age maybe. As long as they didn't experience it themselves "the feeling of being broke" they will just go spending what they have in they're hands. For me the best teacher is still the experience.
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Kids need to learn about money and organizing their financial status, but I wouldn't start this education for children aged below 14... Money is important but teaching them so early might focus them on money and not on moral values. I also have a finance related blog: Aaron DelSignore. Maybe you will visit it one day. Thank you.
In my opinion kids should be taught about money and money mechanics at a young age so that when they're in their twenties people are less likely to make the same mistakes as their parents (financially speaking). Of course they should be taught about the forex market or how to open a spread betting account because you might not know where the next financial guru might be. Why not see if they choose this domain ?
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