September 10, 2022 | Posted in:

How to Raise a Financially Savvy Child

If you have children (or grandchildren) you can give them a jump-start on becoming financially responsible adults. While teaching your child is easier when you start early, it’s never too late.

Here are some age-relevant suggestions.


This is the time for basic concepts like numbers, saving and spending. You can show your child bills and coins and explain how a dime is worth more than a penny. Play shopping and let your preschooler match the money to a price tag. Get them a piggy bank to start saving coins.

Grade school

Consider starting an allowance. Replace the piggy bank with a savings account and have them deposit a portion of each allowance. Teach them comparison shopping and include them in family discussions about vacations and other major financial decisions.

High school

Guide them in getting a part-time job to build their savings. Give them responsibility for paying for their own expenses like going out with friends. Introduce the concept of investing, explaining stocks, mutual funds, CDs and IRAs.

If college is the goal, include them early on in financial planning decisions.


Teach them about borrowing. They will be getting credit card offers so warn them of the dangers of running up a bill and not paying it off each month. Talk about their credit score and how it affects future plans like buying a house. Talk about retirement and the importance of building a retirement account when they get their first job.


Understanding money is a valuable life skill to teach your child, at every age and stage of life. Not sure where to start? Contact an Alloy Silverstein advisor today!


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