Four misconceptions about financial education for children

Many parents start teaching their children to read from the age of two or three, believing that early education can boost their intellectual development. However, it may not be the case when it comes to financial education, and some parents even believe that teaching children about money will instill materialism in them. Here are some misconceptions about teaching your children about money management that parents should be aware of.

It is a huge misconception that teaching children about the concept of money will turn them into materialists. In fact, good money management is an essential life skill. It is important for parents to impart the proper concepts and values of money to the little ones from an early age, encouraging them to plan carefully and cherish what they have.

While some parents refrain from talking about money as they believe their children do not need money for now, they are inevitably exposed to money in their daily lives. For example, they may see their parents making a purchase with cash, credit card or Octopus card, or withdrawing money from an ATM. Although children may not use the money directly, they witness how money works in reality.

Teachers will teach children about financial literacy at school, but parents are their first mentors on this topic. As children will learn from them, parents play a key role in cultivating good financial habits in children.

Teaching children about money management can be a challenge for parents who may not know where to start. However, there are plenty of opportunities to teach children about money in everyday life, such as shopping or taking the bus. Parents can also use the free online resources to teach children about money management in a fun way.