University of Cambridge research, commissioned by the Money Advice Service, shows that by the age of seven children have developed their attitudes and values towards money – and these are likely to stay with them for life.
Between 2 and 4 years old children are able to distinguish counting words, while around 4 and 5 years old they understand that they need to pay for things, ie: that things don’t come for free.
At 5-6 years old children understand certain amounts (of money) do not carry enough ‘value’ in order to pay for some items, and by the age of 7 financial behaviours are said to be fully developed.
Indeed, children are likely to get their first mobile phone by the age of eight and begin online shopping by the age of 10. So we can see it’s increasingly important to help children better understand the value of money at the earliest opportunity.
Developed and launched by Experian in 2012, Values, Money and Me, a free primary school resource quality marked by financial education charity pfeg (Personal Finance Education Group) aims to help young, primary-age children get a head start in life by helping develop their financial knowledge and abilities, as well as their attitudes and values towards money, in a fun and engaging way.
Available to all UK primary schools, the web resource – based on the financial dilemmas of the residents of Pride Place – has been designed to resemble a children’s storybook.
Simple to use, it explores key issues such as earning money, budgeting and saving, through a range of engaging activities, based on a series of interactive stories.