Shopping is a teaching opportunity for parents

​Shopping is a teaching opportunity for parents

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Opinions expressed in this article are those of the author. Please consult an authorised financial services provider for financial advice.

Many young children don't understand where money comes from. It's important that they begin to develop some understanding of how our economy works, even from a young age. Research has found a pattern emerging where children whose parents talk to them about money develop an earlier understanding of its importance. They are also provided with more opportunities to deal with making decisions about money.

If you have young children in primary school, it's a great time to start their financial literacy and mathematics education. There are plenty of opportunities when you are out shopping to include your child in discussions and decisions where appropriate or explain the financial decisions you make on their behalf. Talk about the mathematics involved in financial decision-making. Where possible, encourage children to make their own financial decisions with things like pocket money or savings. If you feel you need to improve your own financial literacy first, there are many resources available for adults.

Teaching children about money through mathematics helps children learn. It helps them use mathematics in real-life scenarios and, more importantly, can help set them up for future financial security.

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