As most schools are in session, many kids are back to learning in a formal classroom setting. While financial literacy may be a piece of the standard curriculum in schools, children may be learning more about money from home. Whether intentional or not, the way adults handle money around children can contribute to their views and relationships with money in the future. Supplementing your children’s learning at home can benefit their future money management and decision-making skills. Be intentional about the messages you are sending to your kids about money. Learning about money can happen by exposure and children learn quickly that money is used to buy goods and services. With children seeing many things they want to have and do, money can be a limitation and differences may be seen between households with different financial circumstances. Focus on sending positive money messages by planning spending, setting goals, and learning how to be patient with money choices in finding your financial balance. 

Set aside time to have money discussions with your kids. Resources are available for different ages and stages of life to develop financial literacy. The Consumer Financial Protection Bureau (CFPB) has a Money as Your Grow resource to support parents and caregivers with children’s money skills, habits, and attitudes. Conversations about money choices can start early, and guided discussions can take place during storytime with the reading guides available in English and Spanish from the CFPB.

The Federal Deposit Insurance Corporation (FDIC) provides Money Smart for Young People resources for Pre-K through 12th grade educators. The lessons include educator guides, handouts, and presentation slides available at no cost. The FDIC also has Money Smart News for Kids which is a nine-chapter curriculum aimed at students in grades 3-5. For educators with a young adult audience (ages 16-24), the Money Smart for Young Adults resources include training modules with presentations and participant materials covering applicable money topics. The Illinois State Treasurer’s Office also provides a curriculum option called Money Minded Illinois, which provides financial education curriculum for grades 1-5. Resources can be found to support financial literacy and decision-making, but dedicating the time can sometimes be a challenge. 

Whether formal or informal, money conversations can start early and be discussed often to build positive attitudes toward money management and learn skills to improve financial decision-making. Learning is a lifelong process and there are financial literacy and decision-making resources available for all ages and stages of life. Make a point to prioritize financial education in your household to build positive relationships with money to improve current and future financial wellness. 

References

Consumer Financial Protection Bureau. (n.d.). Money as you grow. consumerfinance.gov 

Federal Deposit Insurance Corporation. (n.d.). Money Smart for Young Adults. fdic.gov

Federal Deposit Insurance Corporation. (n.d.). Money Smart for Young People. fdic.gov

Federal Deposit Insurance Corporation. (n.d.). Money Smart News for Kids. fdic.gov

Financial Literacy and Education Commission. (n.d.). Resources for youth. MyMoney.gov. 

Illinois State Treasurer - Michael W. Frerichs. (n.d.). Money minded Illinois. Illinoistreasurer.gov