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From the time they’re learning to crawl, parents begin teaching their children about right and wrong, personal safety, manners and morals.
Over time, children are taught about stranger-danger, healthy eating and personal accountability. Another important survival skill children will need in the future is how to take care of themselves financially.
Children see their parents spend money, on one thing or another, most days. However, teaching children about important, less visible money skills such as earning, saving and investing will have a profound impact on their attitude to money in the future.
Giving children the skills to control their finances is not only beneficial to their financial wellbeing – it also contributes to the forming of their personality and unique attributes. The lessons on self-control, resourcefulness and sharing are all valuable in shaping a well-rounded, socially aware and responsible person.
There are some simple things you can do to help your children get on the right track.
Keep engaging your children on money and keep talking to them about it as they grow. The lessons learned will stay with them for life.
More information to help you teach children about money is on the Financial Planning Association's money and life website