Ben Camille discusses the importance of teaching your children money management
Research shows that kids grasp money concepts and have many of their money habits set at a very early age. Research by behaviour experts David Whitebread and Sue Bingham of the University of Cambridge found that our approach to money, such as planning and delaying gratification, is set by seven years of age.
“The window is zero to seven,” highlighted Guy Shone, former research director for the British government’s “Money Advice Service.” Money Advice Service publishes studies that have found that “It’s tough to reverse those habits later in life.”
So teaching your kids good money management through games, rules of thumb concepts, fun education lessons and involving them in the family’s money management means giving your kids a great start and advantage.
Remember that kids Kids mimic your behaviour from a very early age — and you may not be realising what they are picking up. Mac Gardner, the author of the internationally renowned childrens’ fund education book “The Four Money Bears” states that “the number-one behaviour children learn from their parents is spending habits,” adding that “It’s one of the first financial behaviours children pick up at an early age.”
Therefore, start teaching money management!