OpenIDEO is an open innovation platform. Join our global community to solve big challenges for social good. Sign Up / Login or Learn more

Financial Education for Children

Let's teach our children how to be financially literate.

Photo of Teamfrcc
2 3

Written by

This idea emerged from:

  • Other


Schools could incorporate classes where the curriculum is focused on how to operate a business, pay taxes, how to save for to retirement, etc. Since things like this are important in adult life, children should be introduced to these things at an early age. This way it won't be as challenging for kids to transition from the support of their parents to the independence of adulthood.  

-Max

2 comments

Join the conversation:

Comment
Photo of Shuai Chen
Team

Yes! I feel like many young adults struggle with credit card debt and other financial issues because they never had to worry about money when they were younger. I can see financial education in several different ways: through allowing children to open their own bank accounts, through formal education inside the classroom and through experiential education in the classroom where students learn to handle money, invest in stocks or create a business.

Photo of An Old Friend
Team

Is there any research out there on how parents can best educate their children about money? Could there be an opportunity to put together a set of best-practices (i.e. introduce your children to the concept of an "allowance" early on, make them work for it, maybe incorporate a "savings" interest rate if they "bank" with you, etc... )