Imparting Early Lessons about Personal Finance
Emerging research indicates that, as with so many life lessons, parents are often the first source of children’s lessons about money — especially when the children are in elementary school (approximately 6-11 years old). During this period, rather than learning about specific money strategies, young children are typically learning some of the basics of personal finance. These lessons usually take the form of general values and beliefs about money and its uses, as opposed to concrete instructions about how to manage it.
This report presents findings of qualitative research Prosperity Now conducted to better understand how parents are imparting the initial principles of personal finance to their children.