Financial Education for Preschoolers: Preparing Young Children for the 21st Century

Abstract

Financial literacy is widely recognized as an important life skill that needs to be taught and practiced from an early age. This has led to the development of programs that combine financial education with social, citizenship, and character education to teach children how to make responsible, ethical, and compassionate decisions. Education about financial concepts and money management skills can equip them to face new financial challenges and adapt effectively to shifting personal and economic circumstances. Evidence suggests that financial and consumer behaviors and decisions often have consequences for individuals and the global community that surround them. This article discusses how a well-planned program of learning activities and experiences at the preschool level can help build a strong foundation of financial literacy skills and knowledge and how such awareness might affect the social and environmental well-being of communities.