Kids learn valuable lessons from financial literacy.
Even young children can learn valuable financial skills by handling real money, says Felicia Stovall of Chesapeake Wealth Management. “The experience of holding the money is much more real than looking at it on a screen.” She says it’s important for kids to understand that money is a limited resource.
Stovall’s two sons manage their own cash jars to save for specific goals—in her house, that often means Legos. The children earn money using a coupon system. A chore chart, posted on the fridge, lists a dollar amount for individual chores. When the boys have enough saved, they head to the store to complete the lesson. Stovall says, “They hand the money to the cashier and also receive any change.” Chesapeake Wealth Management is a part of Chesapeake Bank, whose website features a free online program on teaching money management using real-life scenarios. ChesBank.com
