Money and your young children

Your kids will start to learn about money from you, probably before you even notice. They will see you dealing with money – spending it, talking about it, and earning it. It may take them a while to realise that you don’t have a limitless supply of cash, so it’s a good idea to gently teach them about the value of money. You can do this by setting a good example for your kids.

Giving children pocket money or an allowance can help them to understand the value of working and earning money. If you do chose to give your child pocket money, only give as much as your family budget can afford, and try some of the approaches in this article from the Raising Kids Network to teach good money skills. The Clutha Budget Advisory Service has more ideas on helping your kids learn about managing their money.

There are games and articles on the Sorted website to help teach your kids about money, and the Practical Money Skills website has a great article on kids’ allowance and savings.

At some point in your child’s life, they will stop being financially dependent on you. The money skills you teach them when they are young will help them be financially smart in adulthood.