Teaching primary financial skills to your children provides the highest level of influence over spending behaviors later in life. While this puts the onus on parents, failing to educate your children can put them at a disadvantage as they move into adulthood. When parents fail to teach, children may only learn hard financial lessons after making financial mistakes that may require years of recovery.
It’s never too early to learn new skills: basic money skills can be taught at all ages and requires consistency more than proficiency. Parents do not need a master’s degree in finance and children as young as three can begin to understand basic financial principles.