“Children are not little adults,” explained the late Jean Piaget, the developmental biologist who studied intellectual development in children. “Until they reach the age of 15 or so, they are not capable of reasoning as an adult.”
Children move through four stages, Piaget taught, and in each, there are a specific set of criteria that must be met and mastered. The most advanced stage of the four is the Formal Operational stage, which children reach between the ages of 11 and 15, and in which they continue throughout adulthood.
Here at Worley Erhart-Graves Financial Advisors, we were very interested in a study published by the National Financial Educators’ Council. This study examines the topic of teaching financial literacy to children, based on their cognitive ability. The NFEC asserts “starting in high school, most students possess the cognitive abilities and math skills needed for the majority of financial literacy lessons.”
Children today have more power to spend money than any generation before, says Madison DuPaix, the “Kids and Money Expert”. And that, our clients share with us, is the crux of the issue. What are the best ways to teach our children about the importance of saving and spending wisely?
DuPaix recommends a few books you might want to check out:
- The First National Bank of Dad
- Raising Financially Fit Kids
- Money Doesn’t Grow on Trees
- Growing Money: A Complete Investing Guide
for Kids Book
This month of April is National Financial Literacy Month, and, as active members of the Financial Planning Association, we’re involved with providing support, tools, and education for the public. In fact, we feel as if this blog about financial planning is a big part of how we can make a difference for our readers.
Yes, at Worley Erhart-Graves, we’re interested in sharing good financial practices that “children” of all ages can use!
Content was prepared by a freelance journalist on behalf of Worley Erhart-Graves Financial Advisors