How to teach children the real value of money

A study by the UK government’s MoneyHelper service suggests that children's early experiences with money can influence their financial behavior as adults. By age seven, children can grasp the value of money and make age-appropriate financial decisions. Giving children their own money to handle, spend, and save can help them develop positive financial habits. Resources like valuesmoneyandme.co.uk and funkidslive.com offer tools to teach children about money. Engage children in real-world financial discussions, such as distinguishing between necessities and luxuries, hidden costs, and supporting charity shops. Teaching children about money in context, comparing product value, understanding discounts, and estimating costs are essential skills to hone. Opening a Junior ISA, discussing investments with children, and involving them in supporting businesses or charitable causes can enhance their financial awareness and responsibility. Engaging children in secondhand shopping and donating to charity shops can teach them about the value of money and the impact of their decisions on others.