Every year, more and more adults make common mistakes when it comes to money. Especially difficult for many are concepts such as investing sufficiently, planning for life needs and preparing for money surprises.
But as we move faster and faster towards a cashless society, along this money superhighway, it becomes critical that kids are taught the essential elements of money and how the money system works. This can provide them with essential life skills that will pay massive dividends in the future.
For parents and teachers alike, there are a number of core skills that every 6-year old child should know about money including:
1. Planning helps people make choices about how to use their money.
2. There are 2 kinds of sharing – some goods can be shared that do not have to be returned, such as a gift. But there is another form of sharing, like something that is borrowed. And in the case of a borrowed item, this must be returned.
3. People that live in a local community share with one another everyday where they share the cost of services, like the cost of running the local school or paying for nurses in a hospital.
4. Money is limited for most people so it is important to protect it.
5. Money can only be spent once – after it is used, that’s it, it’s gone!
The new financial literacy framework developed by MoneyWhizz is a comprehensive set of guidelines developed specifically to facilitate parents; teachers and communities extend core financial principles.
The purpose of developing the principles and supports is to ensure that kids are better prepared to shoulder the burden of financial responsibility now and in the future. But equally important is that adults are empowered to facilitate the dissemination of the financial knowledge.
MoneyWhizz is proud to support kids learn about money as financial awareness is a core life skill.