Forming good financial habits at a young age

I’ve been thinking about writing a book for young children, and I want to encourage you to give me a hand. The intended audience would be children ages 7 to 10. As a proponent of financial literacy education, I think that’s the right age range to start. The question is whether parents would consider such a book worthwhile for their children.

First, let me share why I think ages 7 to 10 makes sense. Then, I’ll tell you what I’m looking for.

Parents are the source of wisdom and inspiration for children — there is no doubt. Studies support that view. Eighty-three percent of kids ages 8 to 10 go to their parents for “advice about money,” according to the 2022 Parents, Kids & Money Survey by T. Rowe Price, a global investment management firm ( tinyurl.com/375p5ays).

That makes sense, of course. Kids are dependent on their parents for not only their welfare, but also for their ability to learn and form good financial habits.

In fact, some would say that financial literacy education starts when the child learns how to count. “Knowing that parents are our first teachers, families can subscribe to a school of thought that once children start counting, it is the beginning of financial literacy,” explained Frances Marie Gipson, a clinical associate professor at Claremont Graduate University ( tinyurl.com/bdeeeeh4).

Education leads to habit formation.

As two University of Cambridge behavior experts reported: “Since young children are dependent on parents and have few material goods or monetary resources that they control independently, it is the basic approaches and skills which are modelled, discussed and demonstrated by parents and...

from News https://www.ctpost.com/news/article/forming-good-financial-habits-at-a-young-age-17885613.php