The key to developing your child’s financial future could just start with how you introduce them to the world of finance. Studies have show that children who were exposed to budgets, financial obligations and saving at a young age were ten times more likely to be more financial savvy when they grew up than those that were not exposed to the financial world. With these shocking findings it explains why many parents want to start their children’s financial education at a young age.
Here are some activities that you can do with your child that will introduce them to the financial world without overwhelming them.
Open Banks. If children are able to watch themselves saving it can really become fun. A lot of children’s banks show the amount of money that is being saved in the bank so that children are able to follow along with the money.
Make Saving Fun. Sit down with your child and allow them to make financial goals for their future. These can be as simple as saving for a video game or a trip to the amusement park. This will allow them to feel as if they have some financial independence while also learning to save at the same time. This will also teach children that if they want something such as an ice-cream cone or balloon they will have to take the money from savings and it could move the goal of getting that video game just a little bit further away.
Play the Money Game. There are a lot of great games out there that incorporate the concepts of saving and spending or even just teaching children what the value of a dollar is. These games offer a great way to bond together as a family but also to educate your child on what it means to save and the meaning of money.