Tips for Teaching Preschoolers

Developmental Characteristics

  • Understand the idea of saving when they can count
  • Think money as a way to get things they want
  • Understand the concept of borrowing and returning
  • Understand what is theirs and what belongs to others
  • Choose to buy between two or three items
  • Imitate parents’ spending habits
  • Do not understand different money value
  • May not understand that they have to pay for things that they take off the shelf at the store

Suggested Teaching Activities

  • Take kids shopping whenever it is possible
  • Use play money to play grocery store
  • Borrow or rent something they need to return
  • Teach them identify the names of the coins
  • Let kids pay for one item when shopping
  • Teach kids that parents work for paying food and clothes
  • Have kids do routine chores without pay, let them learn to be responsible
  • Put savings in a jar, build a good saving habit
  • Read stories about money and responsibility
  • Provide two or three alternatives and let them make a choice
  • Discuss products advertised in commercials

Tips for Teaching High School and College Students

Developmental Characteristics

  • Continue to need help on distinguishing wants and needs
  • Want to be more independent financially, while is somewhat dependent
  • Their school and social life cost more
  • Peers often have more influence than parents
  • Want to have money to manage
  • May want to use credits
  • Experience the good and bad consequences of spending
  • Some children take student loan for their colleges
  • Understand differences between gross and net income
  • Have some concepts on employment benefits
  • Understand they can exchange time and energy for money
  • May do some part-time jobs

Suggested Teaching Activities

  • Encourage children to apply scholarships
  • Continue to teach children to manage money wisely
  • Let children do some family grocery shopping to gain more experience
  • Help children on their saving and spending planning
  • Encourage children to involve in family finance planning
  • Involve children in planning for a long-term financing arrangement
  • Before children apply for jobs, discuss work hours considering study time and household responsibilities
  • Encourage children to attend internships
  • Help children complete income tax forms if they have part-time jobs
  • Compute miles per gallon on a family car to encourage saving
  • Explain auto insurance to children
  • Discuss ways to deal with risk of potential financial loss
  • Teach children about investing while explain risk of market

Things Parents Should Teach Kids on Internet

  • Follow the family rules set for kids internet use.
  • Never reveal and never trade personal information, such as name, address, phone number, photographs or school name or location. Use an online screen name.
  • Never agree to meet any “online friend” in person. Explain that online friends may not be who they say they are.
  • Trust their instincts, always tell a parent about any communication that was scary, and never respond to a threatening email or message.
  • Teach kids that on the Internet, the virtual world is the same as real life. For example, not everything they read or see online is true.
  • Respect the property of others online. Explain that making illegal copies is just like stealing things from a store.