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Teaching Kids About Money: An Age-by-Age Guide

“It’s actually easy to teach kids about money,” says Jayne A. Pearl, an Amherst, MA-based author of Kids and Money: Giving Them the Savvy to Succeed Financially. “Turn your day-to-day activities into learning experiences.” Trips to the bank, store, or the ATM machine, for instance, can be a perfect opening for a discussion about your values and how you use money. When children are very young, you can work money concepts into your child’s imaginary games, like playing pretend store or restaurant. Read on for some fun, simple ways to introduce finance to your child.

Ages 2 and 3

“A 2- or 3-year-old faced with a choice between a penny, dime, and nickel will almost always choose the nickel because of its size,” says Dorothy Singer, Ed.D., a senior research scientist at Yale University in New Haven, CT. But while very young children won’t fully understand the value of money, they can begin to learn the names of coins. One way to do this is to play the coin identification game. You and your child can trace around the outside of various coins and color in the shapes. Then invite your child to match the coin to the image while discussing each one’s name. (Note: Toddlers may try to swallow coins, so always provide close supervision.)

Young kids love to play store, but an imaginary shop in the living room is more than just a fun way for your child to exercise his imagination. By exchanging play money for goods, your child begins to understand the basics of commerce, says Dr. Singer. Use cereal boxes, fruit, sponges, or paper towels as store items. Together, make pretend money and shop till you drop.

Ages 4 and 5

Before heading to the supermarket, ask your preschooler to help you clip coupons. (Don’t forget to use safety scissors.) When you’re at the store, hand her the coupons and ask her to keep an eye out for the products. This will make her feel like she’s helping, and it’s an easy and fun way to talk about saving money, says Neale S. Godfrey, chairwoman and founder of the Children’s Financial Network in Chester, NJ.

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Zakat eligibility of The FYI

The Family & Youth Institute, or The FYI, is a well-known Muslim organization in the United States. It works to promote mental health and wellness by strengthening and empowering individuals, families, and communities through research and education. It has been working for many years to bring Islamic perspectives to understanding and promoting mental health in our communities.

It is dedicated to serving and supporting Muslims – safeguarding our deen, our families, and our future generations. Therefore, the work of The FYI comes in the category of ‘fi sabeelillah’ or the Path of Allah, within the eight categories where Zakat money can be used.

Zakah expenditures are only for the poor and for the needy and for those employed for it and for bringing hearts together [for Islam] and for freeing captives [or slaves] and for those in debt and for the cause of Allah, and for the [stranded] traveler – an obligation [imposed] by Allah, And Allah, is Knowing and Wise.”
(Al-Tawbah 9:60)

According to scholars who widen the meaning of fee sabeelillah to include any activities that promote Islamic growth, The FYI is indeed eligible to receive part of the Zakat funds for its programs and services. I urge Muslims in America to support this organization through their donations, general charity, and through their Zakat. I ask Allah swt to strengthen and guide The FYI to continue its good work in supporting Muslims.

Shaikh Ali Suleiman Ali, PhD

About Shaikh Ali

Sh. Ali Suleiman Ali was born in Ghana where he spent his childhood studying with various Muslim scholars. He then moved to Saudi Arabia and enrolled in the Islamic University of Madina.  He graduated with a degree in both Arabic and Islamic Studies. Dr. Ali went on to complete his Ph.D. in Islamic Studies at the University of Michigan, Ann Arbor.

Sh. Ali serves on the Advisory Council of The Family & Youth Institute. He is the Senior Imam and Director of the Muslim Community of Western Suburbs in Canton, Michigan. Additionally, he serves as the Director of Muslim Family Services in Detroit and is a council member of the Fiqh Council of North America (FCNA). He is also a member of the North American Imams Federation (NAIF) and the Association of Muslim Jurists of America (AMJA).