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Developing Money Skills for Kids of All Ages

Authored By: Genisys Credit Union on 2/28/2024

Dad with two daughters smiling at home

As a parent, you are the most significant influence on your children’s financial habits, now and later in life. Providing a good example and helping them set healthy money habits now will set them up for success in the future. 

Teaching your children about finances is not as complicated as it may initially seem - in fact, it’s something you can do every day. You can turn your day-to-day activities into teachable moments for your family. Use trips to the grocery store or ATM as opportunities to help them learn valuable money lessons. Being open about topics like spending money, the importance of saving, and needs vs. wants will help cultivate savvy financial habits. 

If improving your family’s financial awareness is one of your goals this year, we’ve got you covered! Use the following tips to help teach your children valuable money management lessons. 

Kids Ages 2-5

Although children at this age won’t fully understand the concept of money, it’s never too early to begin teaching basic lessons. Here are some easy ways to get started:

Kids Ages 6-9

As your children progress through early school and learn basic arithmetic, use these skills to enhance their knowledge of money. 

Kids Ages 10-12 

This age is the perfect time to begin introducing your child to banking and letting them make some of their own financial choices.

Kids Ages 13-15 

As your child progresses through middle and early high school, they’ll be introduced to more advanced money concepts. Use these opportunities to enhance your kid’s money management skills.

Kids Ages 16-17 

Your child is now at the age where money is likely part of their everyday life. They are driving, possibly beginning their first jobs, and spending more time being independent. All these events provide opportunities to teach valuable money management skills.

Kids Ages 18 & Up 

Although your child is now legally an adult, there is still much financial wisdom for you to bestow upon them. There are many milestones they will achieve soon, and you want to ensure they are ready.

We’re Here to Help!

Whether you realize it or not, your children are always watching you. Setting an excellent example regarding money management will transfer to them. While kids grow up fast, incorporate everyday events into teachable moments to help them become savvy financial adults.

If you want to open a savings or checking account for your child or have questions about teaching money management skills, we’re ready to help. Please stop by any of our convenient branch locations, call 248-322-9800 ext. 5 or check out our Financial Empowerment Center


 

© Genisys Credit Union and www.genisyscu.org, 2024. Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited.  Excerpts and links may be used, provided that full and clear credit is given to Genisys Credit Union and www.genisyscu.org with appropriate and specific direction to the original content.



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