This month at Choo Choo Train we are teaching our children about money. Beth Kobliner, a member of the President’s Advisory Council on Financial Capability says children can grasp financial concepts like saving and spending as young as three years old. A research by the United Kingdom’s Money Advice Service reported that kids’ money habits are formed by age 7. Thus, it is wise to start finding everyday moments to teach them about money as soon as possible.
As a parent, you are the number one influence on your child’s financial behaviours. When all parents collectively start teaching money lessons early, we can raise a generation of mindful consumers, investors, savers, and givers. Here’s what and how you can teach your 3-5 years old child about money.
Your 3-5 years old child needs to learn that she may have to wait to buy something she wants. It is a hard concept for people of all ages to learn, but a kid’s ability to delay gratification can predict how successful they will be as a grown up. It is crucial to teach them that if they really want something, they should wait and save to buy it.
Other than these direct teachings, you can also teach your child the importance of waiting while they line up. As for us at Choo Choo Train, we are teaching children about money through play!