Question

Children's Learning & Development

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

By Pooja Vishindas

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.

Give your Opinions

More Expert Opinions

What music should I play to help my new-born develop music interest?

Music for Young Children

I let my new-born listen to nursery rhymes everyday. What other music should I play to help him develop music interest?

See Answer →

by Joey Lye
Founder and Principal of Juzmusic Academy

Two children cannot seem to stop fighting

Childhood Behaviour

I have two children aged 6 and 3 and they cannot seem to stop fighting. They fight over toys, food, finger pointing and blame each other for all the messes in the house. How do I encourage them to be more loving? Should I investigate each quarrel and accord blame or just ignore the fights?”

See Answer →

by Dr Henry Toi
Founder and Managing Director of Nurture Craft

I want to introduce the concept of money to my child. How can I teach my child the importance of saving?

Children's Learning & Development

I want to introduce the concept of money to my child. How can I teach my child the importance of saving?

See Answer →

by Brandon Lam
Executive Director, Singapore Head of Financial Planning Group, Development Bank of Singapore (DBS)