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Dr David Coleman: Why it’s important to teach children how to manage money

Deciding what to do with their money when they’re young prepares kids for making bigger, more important decisions when they get older

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It is only when children have their own money that they can discover the value of money. Picture posed

It is only when children have their own money that they can discover the value of money. Picture posed

It is only when children have their own money that they can discover the value of money. Picture posed

With the announcement of the Budget yesterday, you may have money on your mind. Today’s paper has features about how some of the Budget measures might impact you and your family. If this is a talking point in your family, then extend it to include your children. While you don’t need to speak to them about the intricacies of your family finances, dealing with money is a great learning arena for children and teenagers.

Having and spending money allows children to make decisions. Early on those decisions will be about small and relatively safe or benign things (like whether to buy a bar of chocolate or a packet of sweets). Depending on the choice they make, they may feel delighted or disappointed, and both outcomes provide you, as a parent, with the opportunity to help them review and reflect on their decision.


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