So you want to be a money smart kid? It just takes a little financial know-how (probably with the help of an adult), but here are some of the things a money smart kid should know at different ages.*

  • At ages 3-5, a money smart kid can:
    • Learn the value of coins.
    • Start to help pay for things.
    • Play games dealing with money.
    • Can distinguish wants from needs.
    • Can prioritize and know no one has unlimited resources.
  • At ages 6-7, a money smart kid can:
    • Learn how to save money.
    • Read children’s books with money messages.
    • Participate in family savings efforts.
    • Start receiving allowances.
  • At ages 8-9, a money smart kid can:
    • Learn how a bank works.
    • Think about longer-term savings by planning bigger purchases and outlining a plan to save.
    • Make saving a habit.
    • Divide their money into three portions – spending, saving and charitable giving.
  • At ages 10-13, a money smart kid can:
    • Begin to pay for part of their own expenses (given out of something such as a regular “clothing allowance”).
    • Learn the basics of how the stock market works.
  • At ages 14-15, a money smart kid can:
    • Begin to do part-time work.
    • Stick with cash.
  • At ages 16-18, a money smart kid can:
    • Learn to manage a checking account.
    • Tackle credit.
    • Set expectations for college.

*What Kids Need to Know About Money – http://articles.moneycentral.msn.com/CollegeAndFamily/RaiseKids/what-kids-need-to-know-about-money.aspx?page=1

Resources for Money Smart Kids:

 

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