Even toddlers wonder what finances are. As many as 30% of parents of children under 7 admit that their child asked them a question they couldn’t answer. And among parents of teenagers aged 15 to 17, nearly one in two heard an economic question they didn’t know the answer to.
Pocket money – the financial ABC
The best way to educate children financially is through conversation, and also through learning to manage their own money in practice, in other words, through pocket money. According to data, 66% of children in Poland receive pocket money. Interestingly, children usually have to wait until the age of 8 to receive regular pocket money.
On average, children aged 8-14 receive PLN 80 a month, and those aged 15-17 – PLN 135. It is worth remembering, however, that the amount should be adapted to the child’s needs and the parents’ income.
Pocket money is a great pretext for regular conversations about finances. However, 66% of parents find it most common to talk to their child about money during shopping, when the child asks for something they don’t want to buy. And in 55% of families, the most common occasion to talk about money is when planning a big purchase, such as a computer or a smartphone.
Financial education needed – for parents and children
The results of a survey commissioned by Santander Bank Polska show that parents need educational and training materials on economic issues, although they believe that their knowledge of personal finance is sufficient to educate their children. However, the older they get, the more often adults are confronted with difficult questions.
Most children don’t start learning about personal finance until they are of school age. It’s around then that parents begin to discuss the topics of planning joint expenses and saving. However, it is only with secondary school students that adults begin to broach the subject of money in an intentional way. However, it is a good idea to start talking to children about money from an early age. It is important to adapt the conversation to the age of the child.