In my experience, it is important to start conversations about money and financial management at a young age, so as early as six to seven years old. And even at this age, children are exposed to technology. However, I recommend using cash to demonstrate financial concepts.
Andrea:
That’s what you do with your kids, you give them cash?
Michelle:
I do. And similar to how toddlers require physical toys to develop their fine motor skills, when a young child can physically hold cash and count money, it is easier for them to learn concepts such as budgeting and savings.
So, for example, they’re able to see physically the benefits of saving by adding coins and notes to a piggy bank.
Andrea:
And hearing the coins hit the ceramic or the plastic of the bank … Do your kids complain that they get old school cash compared to their friends who may get an auto top up card (or) something that’s snazzier like paying with their phones and their watches?
Michelle:
Not at the moment … the teen is starting to ask about cards, and we will actually be introducing cards very soon.
So the usual age that I would recommend then introducing a digitized form of money is between 12 to 14 years old, depending on the particular maturity of the child. Because at this age they start to own mobile phones, so the use of money will become more digitized.
