What is the right age to start teaching children about money?
My 5-year old daughter has suddenly become very interested in collecting money as she just discovered that those little coins can actually buy her toys. This interest has been sparked I think by the fact that her Kindergarten class is learning about money and coins, and that her best friend is already receiving an allowance. So far though her only way to ‘make money’ is to collect all the change she can find in my wallet and my purse, as she still does not receive an allowance. All this has made me think though that this might be a good time to start giving my little girl an allowance, in return for doing small chores around the house. I think this might bring home the idea of the value of money to some extent.So, my husband and I have decided to give her $2.50 each week – half her age. My daughter will in return have to make her bed in the morning (i.e. pull her duvet cover over her bed), take her empty plate to the sink when she is done dinner and allow me to comb her hair every morning without crying (this is a big win for me!). She will then put her coins into her piggy bank and at the end of the month she might be able to buy one of her favourite stuffed animals. My daughter is very excited about this, but I would not have done it any earlier. We saw the interest in her and that was the best signal to tell us that she was ready to understand this concept. I had read that somewhere between 5 and 6 was about the right age to start teaching children about the value of money and start giving them an allowance – and in my daughter’s case it has happened right on queue. Now let’s see if I can get her to stop taking all the change out of my wallet!
Maria
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