Talking about money at a young age

Most financial literacy experts agree that there\'s no magic age to teach financial literacy. Instead, parents and educators should expose their kids to money as soon as they can. \"We\'re big advocates of starting young,\" says Mr. Rabbior. \"Set those good habits early.\"

Kelley Keehn, a personal finance educator, says that for kids under five, using a piggy bank to save money is a great first start, as is dialogue around why saving is a good idea. For kids aged five to 10 years, she suggests continuing with the piggy bank, but adding a short-term savings account to the mix. \"Ask your child: \'What are you going to save up for?\'\" she says. Discussing simple financial goals while doing some math around how much a child has saved can also help teach the concepts of saving.