Numerous studies report that financial (and money) concepts are ingrained in children at a very early age. A 2013 Cambridge University study showed that kids as young as seven years old had already developed several basic concepts related to finance.
Despite this early learning, a challenge for all kids (and many adults) - is delayed gratification. Kids want things now. It's no surprise that many young adults get in debt trouble with their first credit card!
How do we help our kids develop this skill? We recommend practice!! No fancy piggy bank needed.
- Create savings goals together at home. The goals should resonate with your kids - a new bike, concert tickets, a cell phone - something they really want!
- Chart the progress. Coloring milestones give kids a tangible way to stay engaged before they've reached their goal.
- Brainstorm ways to save and earn at home to support them.
We've put together a fun activity for the kids in your life: creating a savings jar and star tracker. Clear jars are ideal to see savings balances grow and the star tracker is a fun way to measure progress! We are happy to support you and your family as you work to instill money skills in the next generation. We have kits, including jars and stars ready to go at our office.
Let us know when you want to come by and we'll have your kit ready!