Teaching kids money habits while they are young
CHATTANOOGA, Tennessee (WDEF)- Money Lit founder Stephanie Pyke said budgeting money is an important life skill but she feels it’s not talked about enough with kids at a young age,
“I volunteered with the 11th grade and who wants to be a millionaire program and I saw how unengaged some of the teenagers were probably because they’re teenagers. I was like they should really begin younger. Just like anything else that early childhood education piece,” said Pyke.
Through the Money Lit curriculum, she can educate younger kids and teenagers about financial literacy and how to save money for the future.
“Little kids, they’re automatically just, wanna earn money. They’re little entrepreneurs. You don’t even need to teach that to them, that’s innate. If you can catch them at that age it grows with them, they still may know everything when they’re teenagers but it’s in there somewhere when they become adults” said Pyke.
She says introducing kids while they are younger to the meaning of money and saving will help them financially as they grow up.
“It’s not just money life skills we talk about life skills as well. So I kind of blend everyday math with economics. Human capital like your experiences, your education, the skills that you developed through extracurriculars I make that connection to future earnings potential” said Pyke.
She teaches the difference between need and wants and includes knowledge of saving for short and long-term goals.
“Ultimately, the goal is for kids to go out to college with an understanding of how to manage that money and potentially leverage scholarships and grants. Find more importance in that rather than a lot of student debt and taking out a bunch of credit cards. Just having that base knowledge that they don’t start out” said Pyke.