Kids and Money – Lessons from Fifth Graders
Posted by Nancy Phillips on Sun, Dec 04, 2011
On Friday I had the pleasure of meeting twenty five enthusiastic and passionate fifth graders at Anne McClymont Elementary School. We talked about personal goals and dreams and the fact that success is defined differently by every person. I read the students The Zela Wela Kids Learn about Becoming Entrepreneurs. After the reading, we discovered how many young entrepreneurs and philanthropists were in the class. We had a lively discussion about the many ways they had already earned money and given back to help others despite their being only nine or ten years old.
Talking to kids this age is inspiring. They are so full of optimism and personal belief as they look to their future, to 'adulthood.' In the class there were aspiring artists, dancers, singers, pro hockey players, veterinarians and designers.
When we talked about money and some of the important things to think about in regards to money, their words were insightful, especially given the economy we see before us and one they will be forced to navigate.
What are some important things to keep in mind when it comes to your money?
*“It is good to learn how to save early so you will know how to save when you are older and you won’t end up with no money to spend on what you need.”
* Don’t buy stuff you don’t need.
* “Don’t spend all of your money on one thing.”
*” I think you should spend it wisely, and save up for later on.”
* “Give some away”
Some of their questions and concerns:
* “I’m worried about spending too much money”
*” I am concerned because I have to have control. You must have control on money and where to spend it.”
*” House prices and how they go up and down.”
*” I don’t make a lot of money so I don’t know how to make more money.”
*” How does putting money in the bank get you more money?”
*” How do you not spend as much money?”
These children were clearly eager to learn. The hands kept going up, the personal stories continued one after another. This experience demonstrates yet again that education is most effective after interest and inspiration is ignited. Once children see how financial skills relate to their future and the fulfillment of their goals, they are more than ready to learn.
As parents, we have wonderful opportunities to engage our children in discussing their interests and goals and then helping them uncover the tools they need to reach these goals. Relevancy and consistency are two of the most important factors for teaching our youth financial life skills, and for keeping the interest to learn them alive.
If you are interested in learning more information for your family, please go ahead and download the Zela Wela Kids Financial Life Skills Tip sheet by clicking on the icon. I hope you find the information valuable.
