It’s never too early to start teaching kids about money | Opinion

A recent study by Bank of America found with today’s high cost of living, almost half of Gen Z is still financially dependent on others — a strong indicator that financial literacy is more important than ever for young people.

While financial literacy is an important everyday skill, school curriculums have only recently begun to incorporate basic course learning. Kansas is one of the select states that requires students to take a financial literacy course for high school graduation.

Many parents and educators struggle to find the best method to introduce financial learning in ways that will resonate with young minds.

We believe that fostering financial literacy at an early age, with age-appropriate information, is key to building a generation of financially responsible individuals.

Here are a few tips for introducing financial concepts to children to set them up for a lifetime of informed, confident decision-making.

Start Early

One of the best ways to ensure children develop strong financial habits is to introduce basic concepts of money and budgeting as early as possible.

Even at a young age, kids can begin to understand simple ideas like the value of saving versus spending.

Begin by explaining where money comes from, why we need it, and how it can be exchanged.

Using age-appropriate language, such as talking about “saving for something special” or explaining how “buying today means you can’t buy other things until you have more money,” can make these concepts relatable.

Lead by Example

The best way to teach kids about money is by incorporating financial lessons gradually into everyday activities.

Situations — like shopping for groceries, setting a budget for a family outing, or even saving for a toy — offer perfect opportunities to discuss money.

Teaching your child with a hands-on approach during real life events offers them practical understanding without the need for formal lessons.

Tap community resources

Fortunately, many organizations and programs offer financial literacy resources to help children, families, and schools teach financial education.

The Kansas State Department of Education has a website dedicated toward offering financial literacy support and education to local K-12 students.

Check with your financial institution to see if they have products or other resources that make it easier to introduce financial literacy skills to your children.

For example, Bank of America recently launched SafeBalance for Family Banking, a bank account that offers parents the tools and resources they need to help their children practice healthy financial habits and learn to manage their money through a convenient, secure digital experience. The accounts can be opened via online banking or mobile app, and allow parents to maintain oversight of their child’s spending and supervise the account while teaching the child the responsibility of managing a physical debit card.

Financial literacy is a vital skill that can set children up for a successful future.

Let’s work together — families, educators, and community leaders — to prioritize financial education and help children build the foundation they need for a lifetime of smart financial decisions.

— Sharon Coupland is consumer banking market leader with Bank of America in Wichita.

This story was originally published August 21, 2025 at 11:16 AM.