“Some parents worry about talking about money or giving money to their children too early. But I really believe that by starting these conversations early, you help them understand the value of money, which in turn helps them to have a better relationship with their finances throughout their life. It’s never too early to build good money habits and it helps to break the taboo of not talking about money.” - Rachel Kerrone
The sooner the better
By the age of three, children can understand that money is a form of exchange. By five, they have begun to build their own attitudes around money. By seven, these views are already well-developed, according to the Money Advice Service.
Attitudes around money often form around what we learn at home and school. Many of us missed out on a financial education in the classroom, but this is beginning to change. At Rachel’s twins’ primary school, there’s an annual money challenge called ’Money March’. “The school gives each child a packet of Smarties, which they of course eat, and then throughout the month, they have to do helpful jobs at home and fill up the empty packet with twenty pence coins,” she says. “I love that they use real coins, not counters or pieces of pasta.”