At what age should one be educated to be money wise? New research suggests that our money habits are set by age 7. So basically the sooner we learn about money, the better we will be at managing our finances in life. It's tough talking to kids about money, but it can be done and by doing this it helps them make wise decisions about money.
Many of us have had a carefree childhood, where our basic needs were satisfied by our parents and others. If we were given an allowance, we probably didn't save it. If we earned money through chores or a paper route, we may or may not have saved, nor did we still understand money.
By being educated early and taught to save or do without things, we will know how to save for what we want, and how to put money away. Early education on money matters will make kids responsible for the decisions they make about money.
There are so many topics kids need to learn about money, so it is always good to start with the basics. I wish my parents and teachers had taught me more about money at an early age. In most families money is taboo and is either discussed later in life, or not at all.
Today with the internet, education is easy. Even the government has educational sources to teach your children well. Still the more you know the more prepared you are to set your kid on the right financial path. You know you really hit home when the lesson is learned.
A great interactive site for both parents and kids can be found here. Ironically its theme is about the true dynamics about money-Save, Spend and Share. I call this The 3 $s!
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