How should parents introduce money to preschoolers?
Host: How should parents introduce money to preschoolers? Rene Hackney: Part of it is, is building in the money throughout the day, another way is to build some chores that they can earn some allowance, for it. To really teach kids about money, they have to able to have some money. There are some, who suggest that you should just give children money, that it shouldn't be tied to chores, but the idea of that it looses half the lesson, children who are just given money don't know the relative value of money. Then when they go to buy something at the store, they know maybe they have to wait a little longer for it, but they didn't have to make their bed a certain number of days more. There wasn't any work put into earning that money, so it looses its relative value. So, the idea is even as young as three years old give them some chores that they are responsible for, that are tied to an allowance.