At what age do you start educating your children about money.
Spending vs. Saving vs. Charity?
Studies suggest that children as young as 5 years should be told about how money works to help them develop positive habits early on that would last them the rest of their lives.
Re: Teaching kids about charity and money
My boys joined cub scouts which they can start at age 6. Some of the activities are to gather food at thanksgiving time for poor people, gather donations for soldiers serving overseas, gather toys for poor children at christmas time. These activities have been SUCH a source of pride to them and they worked so very hard to get as many donations as possible for each of these activities.
Re: Teaching kids about charity and money
MaMa - Boy and Girl Scouts are great activites.
I have been teaching my daughter about giving as well. Whether it's donating her toys and clothes to the masjid or to the needy. I am also teaching her that going to the mall or ToysRus does not mean that we will BUY something.
I am thinking of taking a bit further (I don't know whether it's too much for a 4 yr old)
I am thinking of giving her an allowance and letting her understand the concept of putting some for spending, some for saving and some for charity.
It scares me to think that in US most college students have credit card debt because they cannot control their credit card spending. Experts say that these habits are developed early on. And why not - there are 16 year olds walking around in $300 ugg boots.