NEW YORK — The time to start teaching children about money management is when they're in elementary school, CUNA President/CEO Dan Mica advised in an article in the August issue of Parents magazine.
By the age of six, children should be capable of understanding basic financial principles, according to the article titled "Smart Ways to Teach Your Kids About Money."
"You should start teaching kids serious lessons about money by the time they're in elementary school. You're behind the curve if you wait much longer than that," Mica told the publication.
Mica also suggested "The easiest way to teach kids about money is by being a good role model. "If kids see you spending wisely, they'll be more likely to follow your example."
The article recommends parents explain to their children that money earned goes in the bank and withdrawals come from an ATM and through checks. Parents should also encourage children to ask questions about money and "draw the line at revealing your exact salary or any of your financial concerns," according to the article.
"You don't want your child worrying about the bills or feeling guilty that he costs you so much," the article reads.
Also, parents should not give a "negative impression about work."
"Make sure the message comes across loud and clear that it's not only about the Benjamins; instead, emphasize that you're lucky to be able to earn money doing something you like or that helps other people," the article noted.
CUNA has a number of resources to teach children about financial literacy including its "Thrive by Five Teaching Your Preschooler About Spending and Saving" learning tools, which can be found at http://www.creditunion.coop/pre_k/index.html.
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