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Early Education

Financial responsibility early on can deter financial downfall.

Photo of An Old Friend
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If children were taught financial responsibility early on, they are more likely to stick with these vales from the beginning. For example, if they are taught about the value of saving money and allocating money for important life events, like going to college which also enhances future education, they can take these ideas home to implement them. Learning early on can deter financial downfall because at the same time that moral values are instilled, life skills can accompany them.

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Photo of Nick Stanko

I don't have a picture to go along with this idea, but I can honestly say from the receiving end of this practice it works. I grew up in a household where we never received an allowance, and any luxuries we did have (even being in an upper middle class household) were either on holidays such as Christmas or birthdays. All this to say that I learned from having to save money that I got from birthdays and from things like lemonade stands taught some fiscal responsibility. Fast forward to my college years, when I learned that the financial freedom of having my own debit/credit card comes with the added responsibility of knowing when to spend money here and there, and when it was better to just wait for the items I wanted.

I wholeheartedly agree with you Rachel. Teaching financial responsibility early can have lasting effects, mostly because I can exemplify it in my everyday life. And there's more than one method, from allowances, to running a lemonade stand to generate your own income to teach wise money handling early on.

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