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At this age, children want to make more of their own decisions about saving and spending – and can start learning from their own mistakes.
Here are three National Curriculum topics for seven-to eight-year-olds, along with practical tips on what you can do to help them build their understanding. Information correct as of February 2023.
Cash can be easier for children to understand. By handing over coins and notes to buy things and getting change, they can see how money is spent.
Chatting about the pros and cons of these different types of payment, can help children to gain an understanding of money and the most suitable way to pay.
Introducing the idea that money needs to be earned, rather than being handed out for free, is an important life lesson. Different jobs get paid different amounts, so it’s good to start thinking about the job they might want in the future, and talking about what this could mean for their finances.
Although children can’t take out loans, they can understand that it is possible to borrow money if they do not have enough. It’s important to help them understand that: