As Financial Literacy Month continues, remember that financial education isn’t just for adults. Educating children about the importance of financial responsibility is extremely important, and it’s never too early to start teaching your youngsters about money.
Children as young as three to five years old can grasp the basic concepts of money and what it means to use money responsibly. Taking the time to talk with your children about financial matters, giving them an allowance to teach proper spending and savings habits and modelling good financial behaviors are just a few things you can do to help encourage financial literacy.
Community Bank of the Chesapeake wants to help you give your child the tools to be smart about money as they grow into young adults. That’s why we started our Green Team! The Green Team is open to all children age 12 and under who have a Kids’ Club savings account. With the help of our mascot, Fillup the Frog, your child will learn all about money and the importance of saving for the future. Members of our Green Team receive a special membership card, a free Fillup the Frog bank, a savings passbook and a subscription to the Green Team newsletter, “The Ribbiting News”. They’ll also receive a card on their birthday, along with gifts for reaching saving milestones.
In addition, there are many online resources devoted to teaching kids about money and helping them develop basic money management skills:
The Mint: Kids can learn a lot at this interactive site, like the basics of saving money and simple savings tricks. There’s even a “Truth About Millionaires” quiz that the whole family will enjoy, as well as tips for adults about teaching kids about money.
MyMoney.gov: This site offers something for everyone from toddlers to teens including games, activities, websites and video games.
Money As You Grow: Whatever your child’s age, you’ll find activities and milestones to help you guide your children along the way to financial responsibility.