INDIANAPOLIS – Teaching children the financial basics is important, but they are not often taught those basics in school, according to the Indiana Bankers Association.
Financial literacy is important for not only future business leaders, but for customers as well. Children as young as 4 realize money is important, but they don’t understand the difference between paper money and coins.
Financial basics are available for young children through the U.S. Mint at www.usmint.gov, where teachers can find coloring books and a section called “h.i.p. pocket change” which provides activities for elementary age children. Information is also available at www.coloringplanet.com and www.nickjr.com.
For 11 to 14-year-olds, the money section at www.pbskids.org/itsmylife/money offers money management and smart spending tips.
The Jump$tart Coalition has information for teens 15 to 17 to help them create financial plans to buy a car or other major purchases.
In any case, said the Indiana Bankers Association, parents should work with their children to learn the value of money and encourage children to open bank savings accounts.
