Financial education is important and it’s never too early to teach kids about money. Money management is one of the most important life skills we can learn and yet it’s not really a focus in the education system.
Almost every decision we make as adults revolves around money, so why would we not equip the next generation with the ability to succeed? We want our kids to succeed in every facet of life…
So, we need to have a plan. From the day-to-day financial decisions to the big financial decisions, we have the ability to equip the next generation with the tools to be successful. Buying the right car, buying the right house, getting married and combining two different viewpoints on money, earning an income and knowing how to save and pay taxes, being charitable.
We have all navigated these waters… some successfully and others not so successfully. We have the scars to prove it. Financial education is crucial.
In the opinion of Warren Buffett the biggest mistake parents make is that, "Sometimes parents wait until their kids are in their teens before they start talking about managing money – when they could be starting when their kids are in preschool.”
Teaching your children about money doesn’t have to be complicated. You either put in the effort and time, or you don’t. And if you do, it’s best to start sooner rather than later. According to a Cambridge University study, children are already able to grasp basic money concepts at age three, and by age seven, their money habits are already set. [1]
[1] https://www.cnbc.com/2019/07/19/how-this-finance-expert-teaches-his-kids-about-money.html