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About MoneyWays to Teach Kids

Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about ways to teach kids about money.

ex.pn/kidsmoney

What is an appropriate age to start teaching kids about money and finance?

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#CreditChatWednesday | 3 p.m. ET

“Start with a piggy bank for young children who are learning to count. Teach them the

difference between coins and bills.”

- @LeslieHTayneEsq

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“When kids ask for something at the checkout stand, they are ready to start

learning about managing money.”

- Bill Dwight, @FamZoo

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“Start early! Young kids notice their parents using money, so playing games like store can get them

interested.”

- @SouthStateBank

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“I started the money talk when my kids were able to grocery shop with me. They had a budget and learned to comparison shop.”

- @kevincswanson

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“According to research, age three! It starts with teaching patience! ”

- Brian Page, @FinEdChat

What financial topics are most important for children to understand?

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“The difference between needs and wants is important for kids to know as soon as

possible.”

- @FedChoiceFCU

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“Budgeting is an extremely important topic for children to begin understanding from an early

age.”

- @PicaCreditUnion

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“Teach kids power of compounding in way banks can’t with parent-defined interest.”

- Bill Dwight, @FamZoo

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“Topics must be relevant to teens, ideally taught using hands-on-learning, based on

finlit standards.”

- Brian Page, @FinEdChat

How can we incorporate money lessons into everyday activities for kids?

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#CreditChatWednesday | 3 p.m. ET

“One of the easiest ways is to take your kids grocery shopping, explain to them

purchasing decisions and how to budget money.”

- @care4yourfuture

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“Seize the moment! My favorite: When I gave a homeless person money & my kids asked why. More ideas:

moneyasyougrow.org”

- Brian Page, @FinEdChat

#CreditChatWednesday | 3 p.m. ET

“Explaining to teenagers how you budget and the critical thinking you use in making

decisions is important.”

- @catherinebyerly

How can teachers incorporate financial literacy in their classrooms?

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#CreditChatWednesday | 3 p.m. ET

“Games are always a fit with kids. Make it fun! Monopoly can be a great tool depending

on the age of your students.”

- @CinfedCU

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“Teacher can incorporate opportunities to ‘buy’ and ‘sell’, even if it’s play money.”

- @kevincswanson

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“I prefer using games and simulations. Keep it relevant, engaging and student-centered.

More ideas: moneyasyoulearn.org”

- Brian Page, @FinEdChat

What resources are available online to help kids learn about money?

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“SavvyMoney.com is a great resource that gives prices for saving, etc. Kids love it!”

- @FedChoiceFCU

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“The @NatlJumpStart Clearinghouse rocks! A free online library of financial education resources!”

- Brian Page, @FinEdChat

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“Try MyMoney.gov for resources and information about money lessons for

kids/youths!”

- @KOFETIME

How can parents who are struggling with money teach their kids about finances?

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#CreditChatWednesday | 3 p.m. ET

“Be honest about your situation. Teach the difference between wants and needs, and

involve them in financial plans.”

- @SouthStateBank

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“Parents struggling financially should be honest with their kids and let them help; kids can think

outside the box very often.”

- @kevincswanson

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“You can also involve them in tasks like planning an affordable family outing or

making spending decisions at a store.”

- @LeslieHTayneEsq

What do you think about allowances? Pros/Cons

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#CreditChatWednesday | 3 p.m. ET

“Allowances are a great way for kids to learn about saving, budgeting, and financial

consequences!”

- @JustOnePay

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“Allowance can help with developing personal values, acquiring math skills,

learning to plan, building independence/confidence.”

- @nickelapp

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“Allowance can be a great teaching tool. It’s easier to teach patience and critical thinking when they

are using their own money.”

- Brian Page, @FinEdChat

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“One of the biggest benefits of allowance is create an opportunity for a conversation

and teachable money moment.”

- @dreambigclub

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“A clothing allowance where you hand over spending you already do on kids behalf

works well.”

- Bill Dwight, @FamZoo

How should money lessons progress as children get older?

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“Money lessons should become more advanced with age and you should cede

more control to your kids.”

- @care4yourfuture

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“Teach teens to save separate emergency fund. Great habit to learn early.”

- Bill Dwight, @FamZoo

“You can tweak the lessons with the age. It can go from allowance lessons, to savings accounts at bank

to credit cards.”

- Jeanne Kelly, @creditscoop

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#CreditChatWednesday | 3 p.m. ET

“When kids are younger, they learn the importance of money. Once older, they learn

to use it wisely.”

- @FedChoiceFCU

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“Teens can start to learn about paying bills, credit, and concepts like compound

interest.”

- @JustOnePay

What money lessons do you wish you had learned at a young age?

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#CreditChatWednesday | 3 p.m. ET

“I wish when I was younger I learned more about credit!”

- Jeanne Kelly, @creditscoop

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“The consequences (good and bad) of student loans! It’s so easy to sign and not

think about the impact they will have later.”

- @LeslieHTayneEsq

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“I wish I would have learned earlier that you can’ buy time with money. I wish I had more time with my family and

friends.”

- Brian Page, @FinEdChat

#CreditChatWednesday | 3 p.m. ET

“The idea of compounding interest; learning that at a younger age would have been a life

changer.”

- @care4yourfuture

Any final tips for smart ways to teach kids about money?

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#CreditChatWednesday | 3 p.m. ET

“Don’t make it harder than it is. Money is part of your everyday life. Just include your

kids in the conversation.”

- @CinfedCU

“There must be a connection between your

own values, and your financial choices.”

- Brian Page, @FinEdChat

#CreditChatWednesday | 3 p.m. ET

#CreditChatWednesday | 3 p.m. ET

“Get your kids involved with your household budget and family spending! Financial

literacy is a life skill!”

- @FrogskinU

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“Make it fun, turn it into a game! Remember, what you do is more relevant than what you say.”

- @AirForceFCU

#CreditChatWednesday | 3 p.m. ET

“Education is key. Get proactive about teaching kids about money and encouraging

them to learn.”

- @JustOnePay

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Check out all the resources and tips shared:

ex.pn/kidsmoney

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