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Kids Money Concepts: Age-by-Age Guide

What should I teach my kids about money and at what age? This is a question that I frequently get from parents. They wonder how old do their children need to be to grasp certain money concepts such as how to make money as a kids and become an entrepreneur. Other parents want to know when and how to start teaching kids investing.

Another popular question that I get sounds like, "Isn't my 4 year old too young to be learning about money?". The answer is no. If our kids are smart enough to operate cell phones or iPads, they are smart enough to learn age appropriate financial literacy concepts. The key words here are "age appropriate".

So what are age appropriate money concepts to teach at what age? I put together the chart below to help you out. Since 2012 I have taught almost all of these concepts to kids of different ages, and I can tell you that they are fully capable of understanding them.

The key is to teach the concepts in a fun and engaging way. Financial literacy education can come across as dry and boring. It's not that the kids do not want to learn about it. It's the quite the opposite. Kids love learning about money. It makes them feel grown up and helps them understand the adult world better. Teaching kids money management empowers them to feel comfortable with money and grow up into financially independent adults.

When parents teach kids about money, they break down communication barriers around finances. Money is no longer a taboo. It becomes a fun topic of discussion over dinner table or in a car while driving kids to their after school activities. Those are my favourite times to talk to my children about money. I like discussing the latest financial news with my kids, or getting their opinions on my next big purchase that I am researching.

If you are looking for money topics to discuss with your child, you may find my 31 day Money Talk Calendar helpful. It is free and will help you open up the communication channels between you and your child about money.

Some parents (who have used the calendar before) have mentioned that they had to look up answers to some of the questions online. If that happens to you, don't worry. This represents an opportunity to learn alongside your child.

It is perfectly fine to admit to ourselves and to our children that we do not know much about a certain financial literacy topic. However, it is just as important to mention that we are willing to learn about it alongside our kids. For me, those concepts were cryptocurrency and NFTs. In order for me to teach my kids about crypto and NFTs, I realized that I had to learn about them first. These concepts were not around when I was growing up or getting my CPA designation. The world of finance is continuously changing and we need to evolve with it too.

Below is the chart that lists financial concepts to teach to your kids by different age group. If you wan to learn how to teach each of these concepts in more detail, and create your own unique money teaching plan for your child, join my FREE virtual Masterclass on Teaching Kids Money. It is a lot of fun and you will design a personalized money teaching plan for your child, while aligning your money teaching approach with your family values. You will also ensure that your approach is wholesome and avoid blind spots when teaching money. Looking forward to seeing you there.

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