How to raise a child smart money user?

The money ratio is complex and many of us can only delve into it as an adult because open money is a relatively recent phenomenon.

For us as adults to better understand our own and then our own children’s relationship to money, it is a good idea to make the concept of money education more familiar. So what exactly does money education mean?

Surprising, but true!

In 2019, the research company YouGov surveyed more than 1,000 people, and the results show that more than half of Finns consider the level of young people’s financial skills to be poor.

According to the respondents, improving the financial skills of young people should focus on managing their finances, as well as loans and debts. According to Finns, especially women, the responsibility for improving young people’s financial skills lies primarily at home.

Lassander also reminds us that the foundation of monetary skills is created in homes, daily.

“A child’s relationship to money is formed amid everyday chores. About how to do things together, how and what kind of money is spent on, and how to learn how to save your first weekly money. ”

3 + 1 tips for everyday money education

Money education is not astronomy, but the teaching and insight of a child through everyday situations. The most important thing about money education is that it settles on the level of a child and approaches money through playfulness. Learning and teaching financial skills doesn’t have to be boring.

Let’s take over money education with the following concrete tips. Maarit Lassander’s tips are aimed at parents of children over 3 years old.

1. Grab a child on a shopping trip

The next time you visit the store, let your child come shopping. You can have an age-level discussion with the child about the products to buy and choose together, for example, the fruits to buy. You can also shop online with your child! This strengthens the child’s ability to logic and make decisions.

2. Take advantage of games as part of a money-making

Do you remember Monopoly, that classic of board games? Games that buy, sell and barter is great tools for money education. Play money allows a child to practice trading and realize that money has a certain value. Besides, gaming is a wildly fun thing to do together!

3. Teach your child to save – even a 5-year-old can do it!

Saving money can be started at the age of Whiskey. Agree on a weekly savings target with your child on Mondays and agree on a small cash reward. For example, 10 cents for each homework done, such as filling the dishwasher and cleaning your room.

The child can record the homework done in a paper spreadsheet and at the end of the week ask for compensation for small tasks. However, the weekly allowance doesn’t have to be big, as much as 50 cents will drive the matter.

+ Find a natural way for you to talk about money openly and in a positive tone

Through a parent’s open and positive money talk, the child realizes that talking about money is not taboo, but one central part of life. By saying everyday buying decisions, reasons for saving, and managing your finances, you give your child important ways to handle money and its value.

Conversations with the child also serve as gentle reminders to oneself and a way to reflect on one’s monetary relationship.

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