A study by the University of Cambridge found that children can be as young as seven years old when they start forming money habits. This makes it important to teach your little ones good financial habits as early in their development as possible. Start with simple lessons about the value of money and what it takes to earn it. When they’re old enough to understand, move on to the importance of saving, and as they get older teach them the importance of budgeting properly and how compound interest works.

 

We’ve rounded up some of the most important lessons for you here:

 

 

SET A GOOD EXAMPLE

Most importantly, remember that those little eyes are always watching, so remember to follow your own rules! Chat to your kids about good financial habits – such as comparing the cost of items at the shops, or avoiding a splurge buy, and get them involved in making good financial decisions for the family.

 

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