When I read this article from The New York Times, I was very happy to see that we as a nation are starting to expose young children to money matters. Using Sesame Street and the beloved Elmo is a perfect way to interest kids in the concepts of spending, saving and sharing, without talking over their heads or losing their interest.
The Sesame Street gang also spends time talking about want versus need. My brother started to teach this concept to my nephew when he was between 3 and 4 years old, and now at 5 he truly “gets it.” It doesn’t mean that he doesn’t feel he really NEEDS that new Star Wars Lego set at times, but when asked if he really does need it, he will admit he actually just wants it.
I’m as guilty as the next person of spoiling my nieces and nephew by being more than happy to buy them anything their hearts desire. But I have learned to hold back as I have seen the consequences of this behavior in many teenagers and young adults coming out of college in to their first jobs.
I hope you find The New York Times article informative and that you begin to expose kids as young as 3 to the concepts of want versus need as well as spend, share and save. You will be setting them up for success in the long run.
This article was written by retired Merriman Wealth Advisor, Cheryl Curran.