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What do you think of the idea of teaching money management to 7-yr-olds and over?

Most people leave school with NO IDEA of how to manage their financial affairs and have to learn 'the hard way.' Zig Ziglar used to go into Kindergartens and teach the young children money skills - I think that is marvellous and I reckon it would solve SO MANY problems of today....

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dustee

If we learn money management skills at an early age, it will help future generations to learn the value of the dollar and probably keep lots of people out of financial debt and economic hardships.

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FirstBorn1
TRU DAT!
Greenie! :)
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You have put your finger right on the principle!!!!
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That doesn't sound like it would affect the child in any bad way but at the same time I don't think a 7 yr old would even care or be able to comprehend all that you'd be telling him. He or she would probably be confused and maybe would distracted by how cool it would be too have even $100 even though $100 isn't that much these days but to a little kid $100 makes you the richest person in the world haha.

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I was managing money at seven. It was only my allowance money, and it wasn't much, but it did get me thinking about how to handle it. I think that most kids are ready for it by that age.
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Oh ok. Yes I agree that a 7 year old could manage a small amount of money like a small allowance. But i thought he was talking about teaching kids about managing money in the real world when they are totally independent. I think teaching them about a salary, taxes, bills, the cost of living, etc. Would probably be a little too much for a 7 year old. But this is a big world so I'm sure there are some 7 yr olds who could handle it.
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Zig taught them that they must start from day one to save a portion of their money for hard times. "Ten percent of ALL you earn is yours to keep" is the most important lesson you can teach a child.
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Well of course we should do it. However, the public schools here in America don't place much value on practical skills.

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They think it is OK to teach kids about sex, which they all tell each other about anyway! But understanding debt and thrift is just not talked about - even by adults. No WONDER there is so much poverty in our country....
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I strongly believe that it should be an essential part of every young childs education. it should be built upon every year until graduation. You are right, most teens graduate with no concept of how to budget, manage, or save money. I think parents should play an active role to and have kids "earn" money and save some and spend some. We should be our childs best role model.

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PLEASE go and tell that to the two hopefuls in our Presidential race - what is the point of having millionaires for our leaders if they don't support that sort of education. Managing money is FUNDAMENTAL to survivia inthis day and age....
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not only would it be good for their money managing and math skills, but it would also instill in them a greater level of responsibility

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FirstBorn1
So true! :)
Greenie and a smile! :)
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Yes - I like that. Money management could be snuck into maths classes and make that subject so much more relevant. GREAT idea, Ambrosier.
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The idea of allowance was exactly what is being discussed. A child does his chores and is paid for it. If the child didn't do his chore, no allowance. I learned at a young age the pitfalls of spending all my money. Now a days kids think it's a right whether they ''work'' for it or not. I'm in my fifties and remember being taught about money in elementary school.

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It's actually MORE than allowances - it is teaching our children about how money works. And why saving is so important. I agree - we oldies did get some idea of thrift at school, but we all still left college as babes-in-the-wood when it came to managing our financial affairs. In the 21st century, I reckon that is not good enough!!!
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I think it is an excellent idea. If a child is old enough to say "mommy, buy me this, daddy, buy me that." Then they are old enough to learn about financing. With the right teaching method, they will be able to comprehend everything.

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a local lass of 13 wanted some money to buy a horse, as Mum couldn't afford one. She began drying flower petals and packaging them into cellophane packs to be used as biodegradable confetti for weddings! I was SO IMPRESSED at this little mite having that much financial prowess, it gave me hope for the future. Imagine what USA could achgieve if all our kids were that enterprising....
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When my brother was 10, back in the 80's he collected all of the free toys that came with McDonalds happy meals. He put them on a little table and sold them for 75 cents a piece to all the kids in our nieghborhood. He used the money to buy a skateboard. I love your story.and yes it does give me hope for the future.:):)
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It is a good idea, there are lots of fun games to play involving money, but there needs to be a balance in the game.

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