5-7 years old, start letting children get used to money
According to some financial education guidelines for children, around 5-7 years old is a suitable time for parents to start letting their children get acquainted with pocket money. At this age, many children understand that money is used to buy goods, know how to perform simple calculations and realize that spending all the money will leave no money to buy other things. However, parents should rely on each child's cognitive ability instead of just relying on age.
When starting out, parents do not need to give children a large amount. A small amount of money each week is enough for children to have the opportunity to decide for themselves. Children can use a portion to buy the item they like, and put the rest in a savings box. If they spend all the money, parents should not rush to give more. Waiting until next week is the first lesson on controlling desires and making spending plans.
When children are about 8-10 years old, parents can take the lesson one step further. Instead of just asking "What do you want to buy?", calculate with your child the amount of money to save and the time to achieve the goal. For example, with an item worth 300,000 VND and pocket money of 50,000 VND per week, children will understand that valuable items require patience and sometimes have to give up some small purchases.
By the age of 11-13, children may be given more autonomy with personal expenses such as snacks, books, small items or entertainment activities. This is also the time for parents to teach their children to clearly distinguish between "need" and "want", because the item they love is not necessarily really necessary.
Small change is not a reward for all housework
One issue that makes many parents wonder is whether to pay their children for housework. It is not necessary to turn all housework into a transaction. Things like cleaning rooms, folding clothes or cleaning dining tables can be considered the responsibility of each member. If parents want to reward money, they can spend this amount on work that arises or exceeds normal responsibilities.
The important thing is not to use pocket money to compare children with friends. The goal is not to help children have a lot of money but to create opportunities for children to manage a small amount of money and take responsibility for their choices.
Childhood mistakes can also become a lesson. If children spend all their money on an unnecessary item, parents do not necessarily have to scold or give more. Let children experience the feeling of having no money and learn from experience for the next time.
Therefore, 5-7 years old may be a suitable time to start, but there is no mandatory age mark. More importantly, children are already capable of understanding the value of money and making simple choices. A small, regular amount of money and proper guidance can help children form good financial habits from an early age.
