Topic: Financial Literacy for kids - page 5. (Read 1605 times)

Yes, that's right. Financial literacy in children from an early age has indeed become a must, because it is important for someone to have the ability to organize and manage finances, so that they are able to make wise decisions in their lives in the future. Therefore, financial literacy skills are not only important for us as parents, but this intelligence also needs to be developed early on in children.

However, at the age of seven, of course this will make it difficult for children to understand heavy material, especially about finance, so it is not right if we force children to understand what they should not understand, let alone provide financial literacy training, so let them enjoy their childhood first. However, the basics of financial literacy must still be introduced as early as possible even though they are still seven years old so that this can make them accustomed to a good culture. the basics of financial literacy that must be taught such as introducing the meaning of money to children, telling them the benefits of saving habits, to teaching them to prioritize needs over wants.

Yes, I also think that children need all type of education not only financial education. These days its essential to teach your kids yourself about the good and bad because the world is changing at so fast speeds and those times are gone when you could allow you children to learn at schools or academies.

I believe that best teacher for a kid is their father and their mother because they really try their best to protect their children from the wrong side of the society and in such case social awareness is also important these days. Once your children know good and bad then you may proceed to teach them about finances.

How to manage money is one of the first things that a parent is supposed to teach a child it should be attached to their growth plan because some kids will grow up with proper spending management and the earlier they learn how to spend money because when a child gets used to spending money and there is no money coming through again how do you manage, because anything can happen anytime, and most of the issue of crime are because people can no longer get what they have been getting and it has been a challenge because when you are used to a particular lifestyle and it is no longer there coping is going to be hard. so even when they ask you for something even if it is available you should not give them or make them work for it so that they can know the value of money. and they will appreciate every single penny they have.

There is no level in one's life that the person won't touch certain amount of money, no matter how little. If you own little you need sound financial knowledge and management to build up that money to something big in the future. For those that will have lots of money already waiting for them before they finish college, they will still need financial knowledge and management to sustain the wealth and keep the wealth going from their generation to the next generation. So I don't think one have to wait to get a job or finish college before they learn financial management. If kids don't know the value of money when they are growing up, they will spend it recklessly as they are adults, because they don't know the value attached to money. So I think financial literacy for kids is a good decision to take.

Correct. In most of country, financial education is almost zero. There are no institutes in which teachers taught the lessons of finance. In my country, most teenager don't know how to invest and where to invest the money?
That is reason of failure of our country. Our leaders are scamming in many things and political leaders are dominant on country and they didn't do anything for education. The future of my country is not bright,the reason is lack of financial education. India is progressing due to financial education and there are many leaders in Indian which gave direction to the students.

Attending a financial boot camp may boost early financial knowledge for young minds but I don’t think it’s a necessary one. They can definitely learn proper management of finances from their parents at home, and teach the kids on simple saving and spending only on important matters and disregard the unnecessary ones. Parents are the role models for their children at home, so if they want the kids to learn the value of money, parents should start demonstrating it at home while these children are keenly observing them.

For teenagers who are still dependent on their families and still don't know how to make money, attending a financial boot camp will only increase their pressure. For 10 year old children, we just need to teach them how to save, the value of money...and can teach them those things through daily conversations. I think that would be better than throwing us into training camp and thinking that would be good for them.

The role of finance is extremely important, if not the most important, for an adult because everything in this society is measured in money. But for young children, they need more knowledge than just focusing on finances and we need to ensure they have a beautiful childhood.

With lots of scam and other online threats that possibly they encounter I guess this is really needed so that young individual will be protected to anything they could see especially that lots of temptation is spreading everywhere.

To many influencers now are spreading wrong information towards financial matters so its more better that they are equipped with good knowledge and understanding so they could figure out easily if the one they see are real or just a trap which put them in total danger. Right age to discuss matter is I think 12 and up since I guess this is where curiosity to explore new things start with those kids.

Your passion to educate children on Financial Literacy is amazing! While the bottom of that table suggests a lack of esteem for investors, learning about money at an early age by managing it can establish itself as another strong advantage when kids enter adulthood to comprehend serious topic and understand themes like earning...saving..investing...and spending. However, when you enroll them into a type of financial literacy bootcamp you are giving them an in-depth structured course on the subject that can make it both interesting and relatable. These lessons are most successfully strengthened when they become a more formal part of the educational system, including homework assignments like scholarships and goals for savings. This again can be supplemented with interactive, handson learning methodologies High-impact community and school-based services can help fill some of these gaps, although challenges around access to care remain. As a tool for investment, then, the return on financial literacy affords not only direct wealth and well-being to individual children but also enriches the social and economic status of communities. Your early recommendation of financial literacy is an early step towards ensuring our children have more financial literacy and a secure future. Encourage kids to start small with their financial goals and celebrate their progress. Building confidence in their money management skills can shape their lifelong habits and healthy relationships with finances.

I believe it's going to be very helpful to give proper financial knowledge to your children but don't force them in anyway if they aren't interested.

It's better to go for that financial literacy boot camp route when you want your children to learn something new and valuable about finances. However, I guess for that a child should be at least 10 years or older.

I know that kids who are aged below 10 could also learn something about finance but I guess it's better to give them other education first and then financial education.

As a kid, I think they are not ready for this, so assistance from us is needed if we are also serious about this matter. If it was only our kids that we want to teach about financial matters, then I think a financial boot camp is not necessary anymore. It can only be a waste of time and money. It's alarming if the kid is only focused on playing games. Even not learning more about finances but what about their studies? This should be corrected even though the parents did already a mistake there for raising a kid like this.

You said 'once they feel it'. I think this means that they are already mature enough or on the right age already, so even if we don't teach them, they can just do it on their own. They can still think that they are late already for this or have wasted some time and worse they might put the blame to us their parents, therefore it's always better to teach them at the young age. When learning stuffs, even though knowing their origin seems essential but some of them may not really be necessary. To know how to use them can be enough for a while. Many of us are not kids anymore but I bet that many are still clueless on how money is made but they don't feel any difficulties in regards to its use cases.

In my opinion, it is one of the taboos that must be avoided by everyone, teaching children about brands will make them become consumer individuals, of course teaching a simple life is better. The role of parents, especially mothers, in the development of children is very important, mothers are the first school for every child. In everyday life, all parents will teach their children about anything, including responsibility, I think indirectly they will also teach about finance. The most common example is in terms of giving pocket money for snacks, by training them to limit snacks sufficiently and save the rest is one of the lessons that will be remembered by children until adulthood. Every parent certainly has their own way or approach in understanding their children, they definitely want the best for their children.

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I slightly disagree with your assessment, I feel one should know before the money arises. Lack of financial discipline is what makes several individuals who were once poor and become rich along the line! usually go back to square one of the same poverty all because they lack financial management and appropriation skills or mindset.

Some people talk about Bitcoin without ever putting any of their own money at risk. But it's just ego and not knowledge. They repeat talking points and don't say anything useful. If someone is still living off of their parents' money, they can't give you good financial help. Real knowledge comes from having "skin in the game," or dealing with the ups and downs of the market yourself

Bitcoin isn't just a trend; it's a big change in the way money works. It needs respect, not judgment from afar. We need to build real relationships, not just echo bubbles. Talking about money, whether it's Bitcoin or something else, should come from having done it before. It's about giving something of value, not just saying nice things.  Shared events, not idle chatter, are what bring people together. It's not just about the money; it's about the deeper link between people that comes from understanding and caring

Well I think this is a good idea for you to do for your kids. I think the age of 7 like you said is a good time for the youth to learn about finances. It is at that age when they can earn a allowance and learn about responsibilities. 

Because they must learn at some time they have to work and do not just get what they want. My 2 nephews are older then this but I think it is a good idea to teach kids about finances. What I want to know is how much is the cost for a boot camp like that.

I don't think this is worth it. And financial literacy boot camp doesn't sound so appealing to little kids either.

I don't know, I'm not an expert in child development, but there must be ways, more effective approaches and strategies, that would make children better in financial literacy when they grow up.

Surely, to instill in the minds of little children that living a simple life is good, is one way of preparing them for a meaningful adult life. Nowadays, little children are already taught by their irresponsible parents the kind of life that prioritizes material things, that attaches so much value to brands, that having the latest of everything is cool. How can their children grow up financially responsible when this is their upbringing?

People who have never been through it and don't have experience but like to come up with ideas and give advice to others. I think they are just trying to express their ego rather than wanting to give an opinion to help others, I think it's a bad idea for us to listen to opinions and advice from inexperienced people.

Like when someone has never invested in bitcoin and has only heard from many others but they give you advice, do you find it funny? Or like many topics in the economic board, many people are even dependent on their parents, many people are still struggling to make money to cover their daily lives. But they like to teach others to get rich, like to give advice to rich people and teach them how to spend money, do you find that unreasonable?

In my opinion, we should only give advice about what we know and have experience with, otherwise we should not give indiscriminate advice to others. Sometimes that advice even harms others.

I think this is some of the instances where "start them young" isn't gonna work as you think it would. Like of course it's great to teach kids how money and finance works while their brains are developing but as time goes by, it's much more important and urgent to teach stuff like this when they finally feel the gravity of just how important money is on a large scale. Kids wouldn't have a single clue of just how important money is, most of them wouldn't even understand how money is made and why it holds value, better to teach things like this to them when they are more ready to receive such knowledge so to speak.

Again, don't think it's inherently wrong but at the end of the day we're all for making sure the kids learn in the best way possible, especially for stuff like this, and what better way than to make sure they are able to absorb the knowledge, right?

Having a financial boot camp is actually a good idea but only to those who are ready enough to absorb all the ideas and information. If we are dealing here with a child below than 7-year old, that would never work for him. Instead, giving him the freedom to do what he want and guide him all the way, that would mean a lot to him and discover new things on his own, but not in the aspect of finances because children at that age will never be interested in that kind of topic.

Financial literacy is a must, but it should only be introduced to those kids who can understand already the value of money, and not on kids that their life is only focused on playing games.

Most parents do not know much about financial literacy. They may be part of this majority who would want their children to have a better future than they had themselves, more so in financial terms. Taking kids into the subject of financial literacy not only helps them to have good financial habits but it also prepares them for success in the long term. Increased chances of success in life and better financial futures can be realized if knowledge about developing good financial habits is imparted on individuals during the early stages of their lives. As a result, you will be able to grant your child a very useful advantage for his whole life by making a wise investment in this kind of training.