Research from Cambridge University has revealed that our approach to money is basically set by the age of seven. Behaviour experts from Cambridge reviewed previous studies to determine how children learn in general, and in particular, how they learn about money. They concluded that money habits, including the ability to plan ahead, are usually formed in early childhood. The study found that most people\u2019s money habits are formed from zero to 7 years of age, and that once formed it\u2019s difficult to reverse those habits later on in life.<\/p>\n
If that window is missed, are our children sentenced to a life of debt? The answer is no \u2013 it may be hard to change money habits, but it is possible. The study is a useful reminder to start teaching good money habits as soon as our kids understand that money is used to buy things.<\/p>\n
Teaching older children may be even harder, since mindsets are more ingrained in older children than younger ones. Those with younger children should therefore take every advantage of the opportunity to reach children at an age when they can be most influenced.<\/p>\n
A good grasp of personal finance is one of the most valuable life skills a person can have. Whilst previous generations may have been raised with the constant admonishment that “money doesn’t grow on trees,” many of today’s parents neglect this important lesson. It’s time to change that – and here are some of the things we can do:<\/p>\n
We know that children are like sponges, learning quickly by soaking everything around them up. The inclusion of children in household financial decision making encourages a better understanding and knowledge of the financial system and gives children the chance to grow up with the knowledge needed to positively manage their future finances.<\/p>\n","protected":false},"excerpt":{"rendered":"
Research from Cambridge University has revealed that our approach to money is basically set by the age of seven. Behaviour experts from Cambridge reviewed previous studies to determine how children learn in general, and in particular, how they learn about money. They concluded that money habits, including the ability to plan ahead, are usually formed […]<\/p>\n","protected":false},"author":2,"featured_media":258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0},"categories":[1],"tags":[],"acf":[],"yoast_head":"\n