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Questions and Answers
Where do younger children think money comes from?
Where do younger children think money comes from?
- Grandparents' savings
- Government grants
- Money trees in the backyard
- Mom and Dad's infinite supply of cash (correct)
At what age do children form financial habits, according to the National Financial Educators Council?
At what age do children form financial habits, according to the National Financial Educators Council?
- Ages 13 to 15
- Ages 10 to 12
- Ages 16 to 18
- Ages 7 to 9 (correct)
What concept are parents advised to introduce to kids as they ask about the price of various items?
What concept are parents advised to introduce to kids as they ask about the price of various items?
- Inflation and deflation
- Gross domestic product (GDP)
- Interest rates
- Supply and demand (correct)
What are teenagers typically ready for, in terms of financial concepts?
What are teenagers typically ready for, in terms of financial concepts?
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What age group is more likely to ask why you can't always just get more money at the bank?
What age group is more likely to ask why you can't always just get more money at the bank?
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Study Notes
Children's Understanding of Money
- Younger children often believe money comes from an ATM or a bank, without understanding the concept of earning and saving.
Developing Financial Habits
- According to the National Financial Educators Council, children typically form financial habits by the age of 7.
Introducing Financial Concepts
- As children ask about the price of various items, parents are advised to introduce the concept of value and comparison shopping.
Financial Literacy in Teenagers
- Teenagers are typically ready to understand more complex financial concepts, such as budgeting, saving, and the importance of long-term financial planning.
Children's Questions About Money
- Children aged 5-8 are more likely to ask why you can't always just get more money at the bank, demonstrating a lack of understanding of the concept of earning and budgeting.
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