Abstract
Financial literation is very important to be applied to the child as early as possible. Financial literation will be very influential to the understanding and knowledge about finance and also the level of prosperity in the future. This paper aims to discuss several ways to teach children the functions and uses of money, and how to manage finance. The methods examined include: giving allowance to children, teach children to have savings, bring children do shopping, teach children to share, teach children that it takes effort to earn money and teach finance with a simple understanding. The results showed that the introduction of the knowledge of financial literacy in early age make children accustomed to manage their financial in the future. Therefore, parents must be able to effectively carry out financial literacy to children from an early age.
Highlights
Introduce about the function and value of money to the children in early age is very important so the children can understand how to use the money
Pocket money is one method that can be applied by parents to teach children the responsibility of managing his own money
Giving pocket money to children, starting at school age, helps them learn about the value of money
Summary
Introduce about the function and value of money to the children in early age is very important so the children can understand how to use the money. With simple things parents can teach how to manage finance with a way to save and sort out the use of money (Lusardi & Mitchell, 2014). The way to introduce financial problems to children is not by directly introducing them to financial products but more fundamentally by explaining what money is. After they understand the function of money, parents can teach them how to manage finance. (Novieningtyas, 2018) explain what the function of money is so they understand how to use the money. It is necessary to remember to tell children that money is not for toys because money has a certain value, so it should not be lost (Sayinzoga et al, 2016; Behrman et al, 2012)
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