Financial Literacy for Children


Financial Literacy for Children

Teaching financial literacy for children is an invaluable tool that parents can give to their children at a very young age. It is never too early to learn about the importance of money, and thanks to Mac Gardner, there is a book that will help you with the process. The Four Money Bears is a book written by Gardner to teach elementary school-age children the very basics of financial literacy in a way that they can understand. While the book was written for children, parents can learn how to teach their children these tools via the book as well.

The book stands on four pillars of financial literacy.

Spend Cautiously – The first and perhaps most important pillar. Be aware of what you spend your money on. How much does it cost? How much will you have leftover? Is the purchase worth it?

Save Diligently – The easiest way to acquire and maintain cash flow is to save the money you earn. As a kid, this may mean putting change in a piggy bank, storing cash in a wallet, etc. The earlier you save at a young age, the better off you will be later in life as the principle of saving will be instilled in you.

Invest wisely – What can you spend your money on that will make more money for you? What can you buy that you will get the most value out of over time? For kids, investments may not be in stocks, but in more material things such as electronics which can help further their learning by the use of technology.

Give Generously – When you have enough money saved up, how can you give generously to those in need? There are always charitable organizations that can use financial assistance, as well as religious organizations and schools that can use the funds to operate extracurricular activities such as sports, arts, and more.

Understanding these four pillars of financial literacy is not only important for children, but adults as well so they are able to pass on the knowledge to their children and set them up for success in the future.

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