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How to teach primary school children the value of money

How to teach primary school children the value of money

In an increasingly cashless society, teaching children about the value of money is challenging

Here are five ways you can involve your primary school aged child in day-to-day financial activities. And help them understand more about cash vs digital money.

1. Earning money

You may want to consider giving your child pocket money, potentially as a reward for completing chores or other tasks. It helps them realise that they need to earn money rather than expecting it to be handed to them.

2. Saving up is important

Setting a savings goal for something they really want encourages children to cut down spontaneous spending in favour of sensible saving. Help your child figure out how long it will take them to save for something. It’s a great motivation to help them work towards their goal.

3. Different ways to pay for things

Cash isn’t always exchanged when something is purchased. So when you next use Tap & Pay in front of your child explain what’s happening. It’ll help them better understand how to use their own bank card/ Keycard if they have one. Make sure you log on to your bank account and show them that the money’s gone out of your account as a result.

4. Checking money online and in an app (at a branch too)

It’s really difficult for children to grasp the concept of ‘invisible’ money and its value. Seeing what happens to money in your bank account before and after something’s been paid for really helps.

5. ATMs and how they work

Explain how you need a bank card and a PIN (that you keep secret) to withdraw money. And that you can also deposit money and check how much money’s in your account at an ATM.

Take a look at our Beanstalk Activity Centre for a range of fun activities.

This article is intended to provide general information of an educational nature only. It doesn’t have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.