The concept of kids understanding the value of money and how to manage it well doesn’t happen until they work for money, meaning they earn money for a job they do. Where I’m from, people believe that kids shouldn’t be exposed to money or have jobs that pay them. They think a kid shouldn’t earn money for themselves until they have finished their educational career or reached a certain peak. This is an old mentality. It is believed, and also evident, that when you expose a secondary student (high school) to money, they might prioritize earning money over furthering their education. Many times, when people see someone who ended their educational career in secondary school working, they say they were exposed to money prematurely. The belief is that only education will make you successful in life. This mentality is gradually fading away now.
My thoughts on this are that there should be a certain time when a kid is exposed to money, but it shouldn’t interfere with their education. It should depend on the kid’s maturity. One major factor to consider is whether the kid understands the concept of earning money. Does the kid actually know what it takes to earn money? Understanding the difference between money earned (money worked for) and money given as a gift will help the kid manage money better. What one actually works for has more value to them than what is given as a gift. The energy and time put into earning money will make them value it more, as it represents their hard work. Once a kid understands this, they will understand how their parents deal with money, preparing them for reality.
Once a child understands the concept of earning money, they are mature enough to understand money management. Kids often think about getting what their friends have once they have money, buying material things, and so on. A child who can think beyond their personal needs and consider necessities before personal desires is mature enough to handle money and can be exposed to money regardless of age.
Another thing I’d like to add is that if you decide to expose a kid to money, don’t make them too comfortable by giving them money whenever they demand it. Let the kid earn their money and spend it. When they come demanding more money, don’t give it to them. Make them understand that in the real world, if you don’t spend what you earn wisely, nobody will help you. This will help the kid understand money management and the importance of spending wisely. There are many people these days who lavish money because they were not introduced to it correctly or were introduced to it prematurely, which doesn’t help them understand its value.
Thanks for Reading
Image 1 by Alexander Mils
Image 2 by Jp Valery
I agree with you, children shouldn't be given money anytime they demand it, I don't think a particular age should be attached to it, children should learn to earn money when their minds are matured enough.
That's the fact
You wisely articulated your crucial points here.
Like you said, it can get tricky exposing children to money, especially when they do not fully understand the value of it.
The fear of not letting teenagers get jobs before they finish school, while it may sound unreasonable, it is valid. It is often the case that when a secondary school graduate starts making money they begin to question the importance or relevance of furthering their education.
It is true that education doesn't guarantee success but it sure does open doors for you on your pursuit of wealth.
Well said
I 100% agree with u. Giving ur children money whenever they demand it is a big no no.
That's it
Thank you
Very true! Only earned money is truly appreciated and that is the way to expose children to money. I don’t think any age is too young. Personally, it would be an injustice to let my child grow without understanding the value and consequences of money. It’s a vow I’ve made to make them understand as early as mentally possible the importance of financial literacy.
That's good
Giving children the proper orientation regarding money before exposing them helps them to understand everything about it
True ✅
I agree with you that once the concept of earnings is understood by a child, money management is next in place. Thanks for sharing this with us. Awesome write-up.
Thanks for the comment
And this orientation starts at early as possible. Currently, I have started teaching my kids all about money, earning, savings and investments...once they know this on time, it helps..it doesn't mean exposing them to start making money while still in lower school level but let them be aware..first thing first
Yeah this is true
Let them catch on early
You are right,
School is not the only root to be successful , the only root I know and trust is consistency and hardwork but that's by way,
Children should be groomed on how to manage finance and also the disadvantages of money mismanagement before being exposed to money.
Nice content!
Thank you
Congratulations @ayokunlehenry! You received a personal badge!
You can view your badges on your board and compare yourself to others in the Ranking
Check out our last posts: