Financial Literacy for kids

[bakasabo]

A farmer kids comes to his dad and says that he has learned from financial literacy, that tomorrow will be the best time to buy TSLA stocks, as the company plans next quarter to release new Tesla model. The farmer says ok, but first the kid needs to help mom to milk cows, clean pigs pen, feed chicken and he is free for the rest of the morning and can ride his bicycle with his friends, he has cleaned his BB gun so he can go hunting, and they need to catch fish at the sunset.

The moral of this text is - not every kids needs financial literacy, a kid must spend his childhood as the rest of the kids, as it is given once, and he has plenty of life to learn about finances. Kids know basics of financial literacy from playing "store and customers" and that is more than enough for them. They can learn the rest when they are teenagers, and not everyone needs to be a "white collar" when he grows up.

[summonerrk]

In the modern world, financial literacy comes only to those who want to understand that money can work as a financial instrument: stock exchanges, exchange rate differences, investing - there are plenty of ways to do it so that you don't have to get up for work every day.
But still, the vast majority of people treat money very frivolously. They think that they need to spend all the money that ends up in their hands as quickly as possible.

That's because they think that they should do it because the status of the world is uncertain. Even living in a peaceful nation is no longer peaceful because of the cost of goods are rising quickly and that's why we just live to work everyday and we eat to be alive. But it's true that if people will change their perspective towards money and on how they're going to deal with it, there's a very likely that they're going to see the difference out of those who knows financial literacy well and those that don't. And with kids learning it at a young age, they will going to bring that until they become older or will have some means to remember that in one day of their lives, they've been thought on how to be financially well.

But I will tell you honestly that I do not believe that in the near future the overwhelming majority of people will suddenly try to become financially literate. It is we, the people of the cryptocurrency world, who are lucky that we were inspired, or our friends inspired us to improve ourselves.
But the majority of people in the world do not think about tomorrow. They do not care how they will live in a year, two, ten. But life goes forward and we will all find ourselves in the future.

[ChiBitCTy]

Seriously, a boot camp for money management? when we're living in the world where field jobs is getting scarcer, having a degree doesn't guarantee you will get a job and learning a new skill in boot camp doesn't guarantee you will get a job?

I'd say money management/financial literacy is good when you already have a job, if not, mastering money management when you have no money is really pointless.

I couldn't disagree more.  This is exactly why so many people struggle with financial management.  One of the things that is not covered in school is basic finances.  Going through grade school, high school and then college, I never as much learned how to manage a check book (which is mostly a thing of the past now, but point is still the same).

As a parent you should be teaching your kids basic finance early on, as it will prepare them greatly for down the road.

[summonerrk]

Right now I would recommend "Rich Dad, Poor Dad" to all children. It is definitely a useful book, because even the title says that this literature by Kiyosaki is designed for people who are not initiated into matters of financial literacy, including children.
And it is written in an easy language, which experienced investors will even find a little boring and too much of a study of simple financial phenomena.

[CageMabok]

I agree but also if they have no education most likely is that they never had access to proper financial education nor will they ever get one unless they actively seek out a financial advisor. It’s very common for poor people to lose the money they quickly gained due to exactly this: lack of knowledge. Some even do not know how to operate a bank account.

I have also found something like that in my life today where there are some poor people that I found who can't operate their bank accounts after they created them with the help of others (the bank). And after I investigated it turned out to be true as you said that most poor people often do not have a good level of knowledge in the financial field so they often cannot earn money in a smart way and also cannot use money wisely on things that are so important. However, I also do not deny that at this time there are some poor people who have succeeded in becoming rich after they learned more important things in their own lives.

[SanZoldyck]

Seriously, a boot camp for money management? when we're living in the world where field jobs is getting scarcer, having a degree doesn't guarantee you will get a job and learning a new skill in boot camp doesn't guarantee you will get a job?

I'd say money management/financial literacy is good when you already have a job, if not, mastering money management when you have no money is really pointless.

First, focus on getting a job that pays the rent. Then, once you have some money coming in, you should really do your homework on how to manage it. Without cash flow, even the best financial advice is just empty talk. So, first, get that job!

[lornadane]

Taught my nephew some basics with jars for “spend, save, donate.” Later he got curious about investing and stocks. Kids pick up faster than you think if you make it visual and interactive. Charts + real examples work better than lectures.

[Obulis]

Financial literacy has been on a wide range of effectiveness to the society at large and it's impact on our kids at a tender age will make it more suitable and beneficial to them and the society, having kids with a 100% prospect on finance will go along way of reducing financial instability and let them understand and manage personal finances effectively, making informed decisions about earning, saving, investing, and spending money.
And how do we execute that it's at this early stage of their lives ranging from 7 and above.

Have been wanting to share this thought with everyone cause I think it'll be of greater achievement and benefits to us All and I think registering them for a financial literacy booth camp is the key, beginning from this holiday.
Alot of parents are not slacking on this cause they demand the best and definitely in the aspect of finance it should be put into better consideration and working body just as it'll make a better impacts on our kids in the long run.

Indulging a child in a financial literacy boot camp can be highly effective in teaching them valuable money management skills and setting them up for long-term financial success that will make them develop good habits and good relationship with money and again Developing good financial habits and knowledge early on can lead to better financial outcomes and a more secure future.

So by investing time and resources in a financial literacy boot camp, you'll be giving your child a valuable head start on their financial journey.

Intentionally teaching kids financial literacy is a good thing and should be at the level they will understand. Howbeit, it is a parental duty and the much they learn about finance is equal to what the parents knows and their ability to communicate it to their children at level the they will understand.
Is boot camp on kids financial literacy really necessary? I am not able to see it like that. Kids financial literacy should be an every day progressive movement, it should not require such thing as financial literacy boot camp.

[Obulis]

Seriously, a boot camp for money management? when we're living in the world where field jobs is getting scarcer, having a degree doesn't guarantee you will get a job and learning a new skill in boot camp doesn't guarantee you will get a job?

I'd say money management/financial literacy is good when you already have a job, if not, mastering money management when you have no money is really pointless.

Well the need for financial literacy is just to manage as much little as you get. Waiting till you have money before mastering money management makes it look as if this money will come in big amount at once and for most people it doesn't happen like that. Lack of money management has actually kept some low earner the same year in year out.
Intelligently passing on this financial management knowledge to kids in the way and manner they'll understand seems to be one treasure parents or guardians can offer kids.

[lornadane]

Boot camps sound good, but not all of them are legit or well-structured. Some are just business opportunities for organizers. Parents should DYOR and make sure the program is age-appropriate and focused on real-life skills, not theory or hype.

[lornadane]

This is very true, OP. Skills matter, but relationships often decide where those skills get used. Most good opportunities aren’t public — they come from trust and referrals. Building genuine connections over time beats random networking every day.

[Alone055]

Taught my nephew some basics with jars for “spend, save, donate.” Later he got curious about investing and stocks. Kids pick up faster than you think if you make it visual and interactive. Charts + real examples work better than lectures.

You're right, but I think we should not put a lot of burden on their brains at an early age, and let them learn other basic things first that are more important for them, because children need to have their base strong about things they study at school, so that they don't face problems when they go to higher classes for higher education. Once they reach an age where their brains become a bit matured and stronger, then we can start feeding them such things, and then they will also understand them in a better way because now they are somehow matured and they can explore things more easily.

So many people say that we should teach our children about cryptocurrencies and their usage, but I don't agree, especially if we are talking about kids that are aged less below 10 years, because I think that age is not suitable for children to learn complex things because this is going to ruin their childhood, instead of creating childhood memories and learning things they should learn as children, they will start making calculations and understanding finance, which isn't necessary for them to learn at that age.

[iv4n]

I lean towards the OP's view. The world's moving too fast, pushing adult concepts on kids. Seeing too many threads where people wanna get their kids into crypto "for the future." Let them be kids. The basics from playing store are enough for a young age. There's a lifetime to learn about markets, scams, and volatility. Rushing it just creates anxiety. Let 'em ride bikes and go fishing. They'll have decades to worry about roadmaps and quarterly reports

As parents, we need to give them a taste of both worlds... at the right time, of course. You don't teach babies to ride a bike, you wait certain age for that. It's pretty simple, as kids grow, we need to open the world for them. There's enough time for riding a bike & fishing, and reading & education in general.

Many people watch things like this vs that... but the truth is we need to combine things to make something right. After all, it's our job to teach them how to handle the world and all the crazy things around.

[Yeesha]

Teaching kids about money early is fine, but forcing it can do more harm than good. if it starts feeling like homework, they’ll hate it. kids still need time to be kids. imo the best way is keeping it casual, stuff like allowance, saving for something they want, or simple choices. slow and natural works better than pushing hard and killing the fun.

Kids will always be kids, and nothing can change that. You mentioned that money tends to hurt children more than it helps, and that's especially when they're pushed into earning it before they're ready. I get that you're sharing your own view or opinion. And I'm happy to add mine too, whether a child is forced to work or chooses to do so on their own, the underlying risk is the same.

Human beings, especially young children, love having fun, and money can become a quick shortcut to that enjoyment. When kids get a taste of cash, they can become hooked very fast. Before you know it, they're buying things that they don't really need, splurging on the latest gadgets or snacks, and that's where the trouble really starts.

My people use to say "Firstly, a child must learn how to work and earn, before he should learn how to spend". It is a reminder that earning should come before spending, and that habit of working hard is more valuable than the money. Because of all this, it makes sense to wait for the right and perfect time when a child is mature enough to understand the value of money, how to earn it responsibly, and at the same time, how to save or spend it wisely, before we give them full control over it, that way, they would know how to enjoy the benefits of money without falling into the trap of extravagance.

[livingfree]

I lean towards the OP's view. The world's moving too fast, pushing adult concepts on kids. Seeing too many threads where people wanna get their kids into crypto "for the future." Let them be kids. The basics from playing store are enough for a young age. There's a lifetime to learn about markets, scams, and volatility. Rushing it just creates anxiety. Let 'em ride bikes and go fishing. They'll have decades to worry about roadmaps and quarterly reports

You guys have a good point about it, let the kids do the kid's thing and enjoy it. But there is also nothing wrong if the kids show interest of what the adults do like investing.

Those examples of letting the kid work in the farm first before listening or doing the actual thing of investing is also opening them to the adulthood of working.

They can enjoy their childhood doing childish things but being knowledgeable is an advantage on them in investing if they're given to the idea of understanding how it works.

It's preparing them to the real world which is just fine and equal to the usual activities where they'll also learn like social skills, etc.

[maknyos]

I lean towards the OP's view. The world's moving too fast, pushing adult concepts on kids. Seeing too many threads where people wanna get their kids into crypto "for the future." Let them be kids. The basics from playing store are enough for a young age. There's a lifetime to learn about markets, scams, and volatility. Rushing it just creates anxiety. Let 'em ride bikes and go fishing. They'll have decades to worry about roadmaps and quarterly reports

As parents, we need to give them a taste of both worlds... at the right time, of course. You don't teach babies to ride a bike, you wait certain age for that. It's pretty simple, as kids grow, we need to open the world for them. There's enough time for riding a bike & fishing, and reading & education in general.

Many people watch things like this vs that... but the truth is we need to combine things to make something right. After all, it's our job to teach them how to handle the world and all the crazy things around.

I'm sure parents who say they will introduce their child to the crypto space will also look at the child's readiness, including his or her age first. It doesn't make sense and it's not wise to force them at an age where they are not ready. And they will also definitely do it slowly as well.
If I analogize, it's like an education class. Teachers who teach grade 1 students are unlikely to teach grade 2 lessons, and when children are in grade 2, they will not get lessons for grade 5. Similarly, in educating children at home, this will also apply.

[Grace333]

Financial literacy for kids is a good one, teaching them about managing money they already have, about understanding how money works before they start earning. And also things like how to save, how debt traps people alot, how spending habits form, and one more thing why chasing quick money usually end badly.

Even if jobs are scarce and degrees do not guarantee anything anymore, that actually makes financial literacy more important, not less. i believe a kid who understands money early is less likely to waste their first money, fall into bad debt, or even jump into gambling, scams, or reckless investments once they start earning.

[Raflesia]

Teaching kids about money early is fine, but forcing it can do more harm than good. if it starts feeling like homework, they’ll hate it. kids still need time to be kids. imo the best way is keeping it casual, stuff like allowance, saving for something they want, or simple choices. slow and natural works better than pushing hard and killing the fun.

We can actually stimulate from the beginning when the child is still at a younger age but that does not mean that stimulation about this means having to impose because in the end adolescence or young age is the ideal age for children to play and we just have to try to anticipate the things we want to teach so that they do not feel burdened but we can also convey little by little about the teaching we want to give.

Nowadays there are many ways to provide good teaching on this matter and I think we are all quite capable of doing this if we really want to but sometimes in this case there is a condition where we cannot provide good stimulation which actually makes this a condition where we are too imposing which in the end this does not go well and our children's youth is disturbed by the patterns we apply.

[lornadane]

I agree with you on this. starting early makes a huge difference. kids don’t need complex finance theory, just basics like saving, needs vs wants, and how money is earned. at age 7+, habits form fast. a boot camp can help, but parents practicing this daily at home matters even more imo.

[colinistheman]

I agree with you on this. starting early makes a huge difference. kids don’t need complex finance theory, just basics like saving, needs vs wants, and how money is earned. at age 7+, habits form fast. a boot camp can help, but parents practicing this daily at home matters even more imo.

At an age when children are still dependent on the care and support of their families. Providing financial literacy is advisable and encouraged, but enrolling them in a boot camp or teaching them money-making skills is unnecessary. In my opinion, for children aged 7-10 and under, it's enough to teach them the basics like saving, spending wisely, and understanding that money doesn't just appear out of nowhere. We can teach them at home, through everyday activities and simple practical examples.

Financial literacy isn't something they need to focus on at that stage, there are more important things.