Think about what you were doing at seven years old. Maybe you rode around the neighbourhood with your first bike. Or hit the nearby convenience store to buy some Nerds and sour keys.
Financial planning, debt, and budgeting weren’t on your mind. Still, many of your finance behaviours were already developed at seven.
- You might have borrowed your bike from your older brother and knew you had to return it — that’s credit.
- You picked one type of candy and saved your spare dollars for the next trip — that’s budgeting.
The point? Kids start learning financial behaviours at a young age. That’s why the right accompanying guidance (financial literacy) is vital, to help shape healthy habits with money and teach kids the value of it.