Children and saving
January 29, 2007 7:18am CST
At what age should children be taught the value of money and importance of saving? Will teaching them at a young age encourage good financial habits later on in life?
• United States
29 Jan 07
As early as possible. My daughter learned to buy generic brands and ignore the cartoon shaped foods when she was 5. We used to give her a list of her own when we went to the grocery store ( they have mini carts for kids there ). She'd be given a budget and told to pick her food. If she was able to save more than a certain amount she got to keep it. Unlike the other kids in the store which are constantly " I want this, I want that " Carrie says it once. I respond with " Can you pay for it? ". If she can, she does and there's no further discussion. Last christmas ( she was 9 ) she paid for the gifts she gave from a savings account she started earlier last year. So far both my girls are on the right track.