Teaching your kids about money can be tricky business. In most cases, standard financial tactics aren’t taught in schools, so most of the practices kids learn come from their parents. If you aren’t actively guiding your children’s money skills, their likely learning from watching how you handle your finances, or from whatever they learn on TV, in movies or on the internet.
To support you as you guide your children’s financial wellbeing, the Consumer Financial Protection Bureau (CFPB) has created the “Money as You Grow” campaign, a collection of activities and conversation starters that can help your kids develop money skills, habits and attitudes that will stay with them as they grow into financially-conscious adults.
The tools are broken down into three categories: early childhood, to help young kids (3-5 years old) develop basic skills and attitudes like staying focused, making plans and solving problems; middle childhood, designed to help kids aged 6 to 12 understand habits and values around earning, saving and shopping; and teen/young adulthood, to help guide independent money choices and understand the consequences of their own decisions. The campaign also breaks down the different developmental stages and how children learn in each of these different phases.
Have you started talking to your kids about money and finances? Let us know in the comments below, or join the conversation on Facebook!
Want to read more like this article? Check out this post from the FCU Archives: "Teaching Your Kids Good Spending Habits"