Parenting & Childcare

Kids and Money: When is the right time?

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gina.lake
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gina.lake
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imogen-pataki
imogen-pataki followed this discussion
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No, kids are not yet responsible enough to handle their own finances. I remember my parents gave me my savings when I was 7 and I used it up within the year! Tsk tsk!
9 mths
chinami-tanaka
chinami-tanaka followed this discussion
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I don't think so. It's hard to teach this concept to children.
9 mths
francis.lane
francis.lane followed this discussion
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Teaching them the importance of money and how to handle it wisely at a young age is beneficial to the parents and kids when they grow older.
9 mths
denise.cook
denise.cook followed this discussion
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Yes. It's the best way for them to learn how to save and spend their money.
9 mths
Host
I give my daughter money and she ends up saving most of it. She'll buy a few stuff here and there but the good thing is she's conscious of the prices and she doesn't splurge.
9 mths
Host
I think they should be allowed to handle their own money WITH GUIDANCE. How else will they learn right?
9 mths
Host
They could learn about budgeting if they had their own money. It's a good way to let them know the value of money and working for it especially if you pay them to do chores.
9 mths
Host
Yes. How will they learn if the parents have all the control? They'll get the hang of handling money as they get older better.
9 mths
Host
They have to learn about money even if they are young. Some kids don't actually know the value of the money they keep on wasting. Proper education and guidance will go a long way.
8 mths
Host
Educating them about money and how to handle it with ease is gonna be a valuable lesson that we can give to our children. They will be more equipped when they grow up.
8 mths
Host
Yes, let them so they will know how to use their money wisely. 7 years old can know about money already, how to spend and save.
8 mths
Host
The earlier, the better. That's what I always hear from my father when he was still alive. He used to say that I should learn to do things on my own at a young age. They want me to be independent. I was budgeting my allowance for 1 week when I was 6 years old. That made me responsible with my finances growing up. I have my own money saved up for the things that I'd like to have, including toys and shoes.
7 mths
Host
I think the right time is when they know how to count. They will not understand what you will teach them if they don't even know to count yet.
7 mths
aya.moutiroger.chrisgulab.uddin
aya.mouti, roger.chris, gulab.uddin and 7 other people started following this discussion