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revealing her personal potential, professionally
assisting in the realization of civil and social rights
How to Teach a Child Financial Literacy
Financial literacy is the ability to manage your money wisely and understand the basic principles of economics. In this material, we talk about simple and interesting ways to teach a child to handle finances carefully, save, spend and multiply money.
Knowledge of the rules of financial literacy will help children become more confident and successful in the future, so you can start developing this topic as early as preschool/primary school age.
The role model for a child aged 6–11 is usually their parents. Children watch mom and dad, try on their roles and often copy behavior, which is why almost every child had games with pieces of paper instead of money in their childhood. So most likely, children at this age already understand: in order for a beautiful toy to appear at home, you need money, and in order to have money, parents go to work. The easiest way to expand a child's knowledge about what money is, how to earn it and manage it is with the help of good books:
1) Bodo Schaefer «The Dog Named Мани». The book is designed for children over 12, but it will definitely be interesting even to adults. The white Labrador Mani teaches his owner Kira all the subtleties of the financial side of life. In this kind and instructive story, Kira believes in herself, helps her parents cope with debts, save money for a computer and fulfill her dream. The girl follows the practical advice of Labrador Mani and other characters and learns how to properly manage, save and multiply her money.
This book has black and white illustrations, but not many of them. Younger children will like the series «The Dog Named Mani in Comics» more. It's the same story, divided into three comics with colorful pictures.
2) Mike Schaefer «My Money, Your Money». A book for preschoolers and primary school children, which very simply and весело explains where money comes from, how to save and spend it properly, what taxes, social benefits, insurance, loans and so on are. Complex economic concepts are explained in simple words with bright illustrations. And the child will also learn about the currencies of different countries, charity, non-cash payments and much more.
3) Monse Junien, Lucia Serrano «The First Book about Money. Tin and Din Look for a Gift for Mom». This book is suitable for children aged 3–7. It has many interactive elements (a cash register, a money box, an envelope with money — everything can be touched and moved!) and even audio recordings available via QR code. It is in the audio recordings that the characters talk about basic economic concepts. The mice Tin and Din want to congratulate their mom on her birthday, but they don't know that you need money to buy a gift. In this story, the mice learn what money, work, salary, and goods are, how to earn money, and why you can't buy everything you want.
Books will help a child learn the theoretical foundations, but what about practice? The easiest way for children to learn how to handle finances is through a real example, when parents regularly give them pocket money. They can be given for free, or certain conditions and the cost of fulfilling them can be set, for example, payment for some help around the house or for getting a 10 on a test. The main thing is that parents are consistent in such payments, do not betray the child's expectations, but also do not pay him too much.
You can also buy a child a nice money box and teach him to save money not only from his pocket money, but also from the ones relatives give him for holidays. Do not criticize the child if he decides to take some money from the money box for some unplanned purchase. Let him be responsible for his own decisions.
But the main advice that will help your children not only become savvy about money, but also believe in themselves, know that almost all problems are solvable and fears are overcome — talk to them and listen to their needs.
On the hotline, you can consult on children's safety issues, including online:
