Having these habits set from a young age could be the difference between someone potentially being scammed and someone having the right questions to ask.
Anyone with a passion to teach financial education at a younger age has probably heard this quoted a million times but for those who haven’t, here it is.
Behaviour experts from Cambridge reviewed previous studies to determine how children learn in general, and in particular, how they learn about money.
They concluded that money habits, including the ability to plan ahead, are usually formulated in early childhood by the age of seven.
Now of course, it doesn’t mean that if that window is missed then children are sentenced to a life of debt and bad money habits, as this can always be influenced by proper education.
But knowing this information, it seems the most straightforward solution would be to start introducing the concept from a young age.
Financial skills are invaluable and financial literacy is a lifelong skill.
The impact of having it weaved into conversations or life from a young age is priceless.
Sonia Rach is deputy news editor of FT Adviser and author of recently published Loose Change: Tina Learns to Save
