Nursery World - Health & wellbeing: Money talks

It is not too soon to introduce early years children to the concept of financial management, finds Annette Rawstrone

It is useful for children to see the physical exchange of money for goods

The cost-of-living crisis is hitting hard and many of the children in your care will be overhearing comments about rising food and energy prices. But do you actually talk directly to them about money and finances?

Russell Winnard, COO of Young Enterprise, says it is important to start educating children about money and the concept of money management – ‘financial literacy’– as early as possible. ‘In 2013, the Money and Pensions Service identified that money habits and behaviours that will stick with children for life are formed by the age of seven,’ he explains. ‘By this age, children are able to recognise the value of money and are capable of complex functions such as planning for the future and understanding the irreversibility of some choices. Moreover, evidence shows that installing positive money habits early is key in shaping financial outcomes later in life.’

Register now to continue reading

Thank you for visiting Nursery World and making use of our archive of more than 35,000 expert features, subject guides, case studies and policy updates. Why not register today and enjoy the following great benefits:

What's included