Some parents are hesitant to teach their kids about money. Personally I believe that teaching my children about financial matters early on can greatly help them down the path to a successful financial life. I acknowledge that some things in life are best learned by experience, but I don’t want my children to learn about financial issues the hard way. I would very much rather teach them young.
As soon as a child is able to understand the purpose of money–that it is traded for goods or services–I believe that it is already appropriate to start discussing with him/her the basic concepts in finances like budgeting, saving, and earning. However, we must remember that no matter what we instruct or say to our children, they are likely to learn more from what they see in us. This means that if we want them to be good with money, we should handle our finances carefully too.
Here’s a good post to get you started in teaching your kids about money: “5 Lessons To Teach Your Kids About Money.”