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Consider the following statistics: Young children can be helped to form sound financial habits, and as they get older, they can be educated about increasingly complex credit-related concepts.
Important concepts and behaviors will be highlighted, and examples of activities and additional resources will be given to use in four critical stages of development.
The four stages of development used in this guide are: The Keys to Financial Literacy: Habit Formation and Education Research on Habit Formation The first important concept to understand is that children learn the most from how their parents model financial behavior.
This process starts at a very young age. In fact, studies show that children from years old are already exhibiting the ability to understand how their actions influence future outcomes, and at age 7 are already developing habits. The best way to help children form beneficial habits is to intentionally model key financial behaviors.
For younger children, real life situations are the most effective way to teach them. While parents should take a primary role in this process, many schools do offer optional or sometimes required financial courses. These can be beneficial, as studies show that students that participate in personal finance and economic education programs in K have higher credit scores as adults.
To repair the damage caused by identity theft, follow the steps recommended by the Federal Trade Commission. Preschool and Early Elementary At this age, children learn the best through hands-on activities, and lessons about money should include plenty of real-life experiences.
Below is a list of important concepts for children to learn in this age-group, and activities to help the lessons sink in. The Different Types of Money Lessons that fall under this category include helping young children to understand that paper money, coins, and credit or debit cards are all different types of money, and helping them to learn about the value of certain types of currency.
Other activities include allowing children to help count money for a parking meter or purchase at a store. What Money is Used For While parents should help their children to understand that money is used to buy items that a person wants or needs, teaching them that money is also used to help other people is important.
Another great activity to do as a family is to give physical money to a charity or non-profit organization and explain what that money will be used for.
By allowing their children to come to work with them if appropriateparents can help them understand that money must be earned. Parents can further teach this concept by paying their children to do small tasks like picking up pine cones or helping to wash a car.
The following resources provide more activities and additional educational material: The University of Minnesota: This is a resource that lists developmental characteristics of young children and suggested teaching activities for parents. The Federal Deposit Insurance Corporation:How to Teach Internet Safety to Younger Elementary Students A lesson plan for helping students as young as kindergarten begin to understand .
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