5 smart ways to teach your child about money early in life

02 April 2025 at 6:51

By incorporating practical lessons into daily life, parents can empower their children with the knowledge and skills necessary for financial independence. The goal is to raise financially responsible individuals who can navigate the complexities of money management with confidence.

In Kenya, financial literacy is not a core subject in the school curriculum, not even in the recently introduced competency-based curriculum (CBC) which leaves many young people without essential money management skills.

However, parents and guardians can take the initiative to teach their children about money from an early age. By instilling good financial habits early in life, children can grow into responsible adults who understand the value of money, budgeting, saving, and investing.

Here are six practical and well-explained ways to teach financial literacy to your child at home:

1. Introduce money through everyday transactions

One of the simplest ways to teach children about money is to involve them in everyday financial activities. When shopping, explain how money is used to pay for groceries and let them hand cash to the cashier.

For example, if you're buying bread that costs Sh100 and give the cashier Sh200, ask your child to calculate the expected change. This hands-on experience makes money tangible and fosters a basic understanding of transactions.

Also ask them to take the change and not to spend it on other things to teach them not to spend recklessly

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