Starting Them Young

Kids today have more money to spend than previous generations. Their attitude towards money will be influenced by their parents, the media and their peers. It is important to start them on the right track since their spending habits as children and teenagers will shape their attitude towards money as adults.

Children who learn good money management skills will have better chance of becoming adults who can make sound financial decisions and not get into money trouble.

However, teaching children about the value of money is more difficult in today's increasingly cashless society since they do not always see money being paid immediately for the purchase of goods and services. And yet it is because we live in society where credit is so easily available that the ability to manage modney is even more important.

But since good financial skills are not taught at school, it is up to parents to develop such skills in their children. But when does one start teaching children about money?