Experts say it’s important to teach young kids the value of money

Teaching your kids the value of money

RICHMOND, Va. (WWBT) - Your kids watch you pull out a credit or debt card way more than they ever see you use cash. Which is why experts say it’s important to make an effort to make sure your kids understand the value of money.

Introducing them to basic concepts early can set off on the right financial path.

Cherry Dale with the Virginia Credit Union says children as young as 3 and 4 are a great place to start.

“Something simple as coin identification for a young child and understanding that each coin represents a different amount of money. Yes, mommy might use that card or daddy might use that card but what we’re doing is this actual money is in the bank," said Cherry Dale.

Also, start teaching them about saving money. Delayed gratification is important. You can’t have that toy now, but we can save up to buy it - basic concepts that lay the ground work and stick with people in their adult life.

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