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This mini-lesson includes learning objectives, background information, discussion questions, an activity and sources of additional information. Children and teenagers earn, save, spend, and borrow billions of dollars each year in the marketplace. They have more money to spend than previous generations and develop spending patterns at a younger age. Children's attitudes about money are most influenced by their parents, the media, their peers, and their own successes and failures in spending money. The buying habits of children and teenagers are learning experiences.

Their money management skills will develop from the ideas, attitudes and spending habits they learn at home, school and in the marketplace. Those who learn good money management skills are more likely to become adults who can make sound financial decisions, avoid excessive debt and manage income and expenses to reach their financial goals. Parents can help children become effective money managers and responsible buyers by teaching them money management skills from an early age. Financial education should be based on the needs, interests and abilities of each child. You can start talking to your children about money. Use a piggy bank to teach how to identify and count coins and cash. Between 4 and 5, you can explain the importance of good savings habits. Help them learn that saving for a specific item and then buying it gives great satisfaction.

Take your child to the store to actually see a toy he or she saw advertised. Together, examine the toy and decide if it can really live up to the promises made in the commercial. Children at this age are quite aware of commercials and sing the jingles they hear on the television and radio. Begin talking with them about the financial realities of the family and how choices are made. When children start school is a good time to give an allowance and open a savings account. You can teach them to plan the use of their money, whether from allowances or money gifts. You can also suggest that they can earn extra money by doing additional household jobs.

When children begin spending money you can help them analyze their decision making. They will learn that there are consequences when we make poor decisions and that it is important to prioritize needs and wants. When children enter adolescence they are concerned about what their friends are doing and buying. Consequently, they tend to adopt the spending patterns of their peers. It is a good time to demonstrate the importance of comparison shopping when you buy goods and services. During this time many teens find jobs such as baby-sitting, lawn mowing or snow shoveling. They can save the money they earn or spend it for extras such as clothing, accessories and CDs. It is important that they have control of their money because their financial successes and failures will become valuable learning experiences. These are difficult years when teens are trying to become independent but are still financially dependent on their parents. This is the time to seriously discuss savings for long-term goals such as college or a car. To obtain these goals many teens have part-time jobs such as fast-food restaurant workers, salesclerks or cashiers.

During their senior year in high school, some students obtain a checking account and/or a credit card to be used in college. A spending plan can encourage children to be careful money managers. An allowance is an important tool for teaching money management skills. The purpose of an allowance is to teach children how to manage their own money based on their needs, wants and goals. The child should have control over how the allowance is spent or saved. The parent can encourage children to make careful spending decisions and plan the use of their money. An allowance can help make children independent and give them confidence and self-discipline in handling money. An allowance should be a specific amount of money, decided by both the child and parent and given at a specific time, such as weekly or monthly. As children get older they will probably have more money under their control and become more responsible for their personal spending. Also they tend to appreciate more the goods and services they buy with their own money, especially if they have saved for them over a period of time. An allowance can help eliminate the problem of parents having to say "no" when children ask for money regularly. Some parents feel that the allowance should be earned by doing household tasks. Others feel that as members of the family, children are entitled to a share of the family income. An allowance can teach children the basics of money management and should not be used to punish the child.

Source: Financial Institutions