Consumer Corner: When should we teach children about the value of money?

Parents should take a practical and formal approach to teaching their kids about money

Pic: iStock

Back to school is just around the corner. However, after months of spending on summer camps, days out, treats, and back-to-school materials, parents might be wondering about teaching children the value of money. After all, money is central to our everyday lives, so isn’t it right that children should have some understanding of it, even when they are young?

Financial expert Frank Conway, of Moneywhizz, says that there needs to be a mix of approaches to teaching young people about money and these approaches should apply practical experiences and, also, a more formal approach.