7-9 years old: teaching the value of things
Having entered primary school, your child is rapidly learning more and more about the world every day. This is an ideal time to teach them about the value of things1.
And how can you do this?
You can start by putting a price tag on everything. Not literally, of course, but at this age, your child is ready to understand that some items cost more than others. Take them on grocery trips and point out prices. Make them choose which cereal to buy based on your budget: one pricier box with the marshmallows, or two boxes of corn flakes?
A separate but connected lesson is the difference between value and price. For example, teach them that during recess, for the same amount of money, they could either buy junk food or a nutritious sandwich. The price of both items might be equal, but the sandwich would give them more value for their money, nutrition-wise.
To get started on money parenting for this age group, there are plenty of resources online. Cha-Ching
, a financial literacy programme created by Prudence Foundation, in partnership with Cartoon Network, is a great starting point. There’s a wealth of online videos that provide financial education for your child around the four key concepts of Earn, Save Spend and Donate. Check out parent guides and downloadable tools
for you to explore on your money parenting journey.