“As you walk kids into this, it’s like walking down the steps of a pool, instead of jumping in,” Lemay says. Building upon what kids already know while slowly introducing new ideas is key.
“Many 4-year-olds can be involved in choosing which shirt they like better,” says Wollan. “For the 4 year old to have the experience of making a choice … that is a terrific experience.”
Simply involving a child in budgeting a shopping trip can expose them to financial literacy. Parents can start by giving their children the freedom to choose, then move toward creating a collaborative list or budget. As a child grows older, more financial responsibility can be granted, until he or she takes on the entire shopping experience independently.
“So many kids these days get to college and have access to credit and are unsupervised and are not used to managing their finances for the school year,” Lemay says. Parents can never start too early in building their child’s financial responsibility.
