April is financial literacy month and tonight we’re highlighting the importance of taking the time to learn about money at a young age.
Q1: Why teach financial literacy?
Financial Literacy month is simply a time to focus on financial education. There are many ways to begin strategies for every level of income, but the main thing is to be educated on the importance of regular savings, especially on the need to start early.
Q2: Why is it important to teach kids financial literacy?
With so many subjects competing on the curriculum it’s difficult for financial literacy to be a priority for learning in schools
Knowing how to deal with money is fundamental part of daily life so it’s very important that kids get a good understanding
Q3: How do you teach them about money?
It’s good to start with the language of finance. Making sure the basic terms used in finance are known
Then, we learn best by doing. Setting up play scenarios in the classroom so kids can work out for themselves how to navigate finance
Q4:How can they start thinking about investing?
If parents give kids an allowance it’s a good way for them to start to understand that they have choices and what the consequences of those choices are
Parents might also open a bank account for kids