At this stage, kids are familiar with money and having to pay for what they want, even if they don't understand at this point the value of a dollar. In order to increase their financial awareness and foster positive growth as far as financial awareness is concerned, this is what children in elementary school should be working on:
- How to make change with both coins and bills.
- How to use money and come up with the same amount using different bills and coins.
- How many of each coin is in a dollar.
- How to compare prices when shopping.
- How to shop within a budget. For example, setting a certain limit for a dinner and having kids help find groceries that work within it.
- The concept of their allowance and that they have to work for it.
- Opening and contributing to a savings account on a regular basis even if it's just a few dollars per deposit.
- Understanding that they gain interest on and protection on money they put in the bank.
