Understanding how money works is an essential personal skill and protect your child from financial troubles. Also, having an interest in personal finance widen your child’s view of broader economics and socioeconomic issues while helping your child’s carrier selection.
Your child will understand basic money flow, such as making money, budgeting, spending, borrowing, saving money, and associated risks such as identity theft.
Also, your child understands how credit card works and associated risk , compound interest, and taxes.
Your child also understands fundamentals of economics such as a supply curve, a demand curve and equilibrium price. The understanding of the concept directly impacts to your child’s job selection.