Question

My son is five years old now. I want to prepare him for important life skills like finances. When should I teach him about money?

What the Expert Says

Chief Curriculum Officer at Nurture Education Group

Bachelor of Education in Early Childhood Education, University of South Australia

Over 16 years of experience in Early Childhood Education

Children are inquisitive and they want to know how things work. Teaching children about money is one of the most essential life skills. Start by getting your child to identify coins and match the same denominations together.

Only Begin when he can Count in Tens

However, getting children to understand the concept of money should be done only when he is developmentally ready to count in tens and ones. In addition to this, children would have to know how to do simple addition and subtraction in tens which is quite challenging for some 5 years old.

Introduce the Concept through Role-playing

Playing pretend store or restaurant is a fun way to demonstrate how money is used to pay for things. Introduce concepts of money to your child through daily life experiences e.g. when doing grocery shopping or through role playing at home etc.