Money skills by age

Kids learn about money in small steps, mostly by handling real money with a parent nearby. Here's what children can usually learn at each age, and one or two things to try. Every child is different, so use the age bands as a rough guide.

3 to 5

Preschool

Money buys things, and you have to wait sometimes.

They can learn

Coins and bills are different and worth different amounts
We pay for things at the store
Sometimes we wait to buy something

Try this

Play store at home with real coins
Let them hand money to the cashier
Use a clear jar to save for a small treat

Read: Spend, save, give: the three-jar system

6 to 8

Early grade school

Choices: spending on one thing means not spending on another.

They can learn

Counting money and making change
Needs versus wants
Saving for a goal over a few weeks

Try this

Start a small weekly allowance
Set up spend, save and give jars
Compare two prices at the store together

Read: Allowance: how much, when and what for · Spend, save, give: the three-jar system

9 to 12

Tweens

Planning, comparing and the first bank account.

They can learn

Comparing prices and value
Saving for bigger goals over months
How a bank account and interest work
Ads and in-app purchases are designed to get you to spend

Try this

Open a first savings account together
Give a budget for a family outing and let them plan it
Let them make (and live with) a small spending mistake

Read: Your child's first bank account · Allowance: how much, when and what for

13 to 15

Young teens

Managing a monthly budget and earning money.

They can learn

Making a monthly budget last
Earning money from babysitting, pet sitting or yard work
Online safety and common money scams
What credit is

Try this

Switch to a monthly allowance that covers clothes or fun
Help them track spending in an app or notebook
Talk through a real family bill

Read: Teens and money: paychecks, debit cards and credit · Track your spending for 30 days

16 to 18

Older teens

Real paychecks, debit cards and getting ready to leave home.

They can learn

Reading a pay stub and understanding taxes
Using a debit card and checking account responsibly
How credit cards, interest and credit scores work
Comparing the cost of college, training and first apartments

Try this

Walk through their first pay stub together
Have them pay one recurring bill of their own
Build a "first year away" budget together

Read: Teens and money: paychecks, debit cards and credit · Saving for college: the basics

The Consumer Financial Protection Bureau also publishes free "Money as You Grow" activities for parents at consumerfinance.gov.