We earn our money, and the bank holds it. If we don't teach youngsters what money is, they'll think they can receive more from the bank.
Children don't comprehend that money is finite when parents always have cash or coins in their pockets.
Explain taxes to your kids gently, but as they become older, make sure they understand how paying taxes affects their education, healthcare, etc.
Small children should know that money doesn't grow on trees, therefore teens should manage their pocket money for their needs and wants.
Most parents and grandparents save for their kids. While saving for significant adult needs is crucial, investing directly into a savings account won't help kids learn.
When your child has saved enough for something they desire and reached their savings goal, help them find the greatest price.
Even grownups struggle with compound interest. Good news: there are great online calculators to help you grasp and explain the phrase to your child.