Children’s Learning
Getting Started Early
Teaching children about money can be difficult, but it always helps to talk about money. Studies show that children who are encouraged to talk about money typically have more responsibility spending money when they grow up.
Here are some helpful tips for talking to children about money:
- Start slow, you do not need to schedule a weekly lesson or discussion with your child about money you can start by answering questions they have about money so they can be open with discussing money and finances with you.
- Talk values and not exact figures, children do not need to know exactly how much you earn but explaining how much of a percentage of your income will pay for things like bills, hobbies and debt can help them have an understanding budgeting income.
- Discuss savings goals, this could be for a family treat or holiday. Similarly, it could mean whilst saving, you can help your child understand the reason behind cutting back on treats until the goal is reached.
Ways to teach children about money
Pocket money
This doesn’t have to be a large amount. Even a small amount for each job (when doing more than 1 job per week) your child will be able to work out how much they have earnt and what coins are required to pay it.
Playing Shopkeeper
This can help with understanding the different amounts of money and to how to add coins together to make a a given amount. For example: a sweet costs 13p, so you can help your child understand they will need a 10p, 2p and 1p.
Learning Money Uses
Once they have saved up enough pocket money, allow your child to buy a reward for themselves; this will provide them with an understanding of how much a toy or sweet can cost.
Shopping Trips
Allow your child to get involved with the shopping list and shopping, it will help them understand how much each item costs. Once they have an understanding, you can play ‘buy your lunch’. This is a fun shopping activity where your child can create a small shopping list for their lunch on an affordable budget to and buy the items whilst keeping to the budget you give them.
Money Work Sheets
These worksheets have been designed for KS1 children to help them have more of an understanding of coins and monetary value.
KS1 Coins (Worksheet)
Colour the Coins (Worksheet)
Money Manager for Kids (Excel Template)
Reward Chart Template (Chart)
We have found some really useful links for helping children learn about money online through educational games and videos.
KS1 Maths: Learn about money
KS2 Maths: Learn more about money
Topmarks: Money games
