Importance of Teaching Children about Money
With technology advancing it is more important than ever to start teaching your children the value of money. The more technology develops and things change it is becoming more challenging to think of ways to teach your children about the value of a dollar. Today we are able to pay with our cellphones, tablets, watches, and now all debit and credit cards have the tap option. You are no longer required to carry cash or bank cards on you to make purchases; which makes it harder for your children to see and understand how transactions take place.
With so many digital options to pay with, children may only see you take a product or receive a product but not see and understand that actual purchase that took place. With this they may think that it is okay for them to take a product without paying because they do not understand that you actually paid for your items. This could be giving your child a false sense on how the world works.
You should start teaching your children of the value of money at a young age. Take out cash every once in a while to show your kids the breakdown of money and how it works. Although technology is always advancing there will always be some form of currency and it is important that they know what it is and how to use it.
Although in Canada we no longer have the penny. The penny was great to show case to children how many pennies it took to reach another currency level. This way they could see and physically touch the difference and importance of money.
At an early age you should be teaching your kids about the different currencies and what they represent. When your child starts school this will help improve their math skills and help them tackle all of the hard equations they will face. A great way to teach your child about money is by playing a grocery store with them. Pretend checkout at their grocery after presetting prices on all of the items the grocery store has. As your child rings you through have them repeat the cost of the item and pay with cash. Showing them how much an item costs and how much money it takes to pay for it.