Topic: Kids and Money
Mindful wealth! What a fascinating concept and phrase.
We believe establishing the right “mindset” and “habits” are crucial to kids, families and their futures.
Did you know adult money habits are formed by age 7 – University of Cambridge
Important concepts that underpin many money skills, such as: waiting whilst saving to afford something they want; understanding the concept of ‘future’; dealing with delayed gratification; avoiding impulsive, irreversible decisions. Basic approaches and skills can be modelled, discussed and demonstrated by parents with young children, such as the basic benefits and tools of sharing, saving, and purchasing that will instil efficient habits and practices.
A key point here is that situations need to be constructed so that the child experiences the process or idea rather than just being told about it.