First Steps in Finance: Supporting Children’s Financial Literacy

Topics: Youth Work

Sources: Barnardos

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First Steps in Finance: Supporting Children’s Financial Literacy

New Barnardos Publication - First Steps in Finance: Supporting Children's Financial Literacy in Early Childhood Settings

This new resource from Barnardos highlights the importance of introducing financial literacy to babies, toddlers and young children to support positive and healthy attitudes towards money. In line with Aistear, the Early Childhood Curriculum Framework, the guidance given highlights how, through play-based learning, responsive interactions, and everyday routines, you can foster children’s emerging financial understanding while promoting wellbeing, agency, communication, and problem-solving.
The free resource offers practical guidance on how to embed Financial Literacy into daily practice by:

Starting early: Introducing basic financial concepts such as an understanding of how money is earned and used, the difference between wants and needs, and the importance of being thoughtful and responsible consumers.
Making it fun: Using games, pretend play, and other engaging activities such as stories and rhymes to keep children interested.
Keeping it simple and age appropriate: Starting with basic concepts and gradually introducing more complex ideas.
Using coins: When age appropriate, introducing real coins to help children understand how money works in the real world. Prior to this, using anything that could be used in an exchange such as play coins and loose parts such as conkers.
Relating to real life: Connecting money activities to everyday situations like going to the shop or saving to buy grandad a present.
Encouraging questions and discussion: Where and when you can, talking about the value of money, how it is used, and why it is important to save.
Modelling good behaviour: Leading by example by demonstrating sound money management habits whenever possible.

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