A study shows that parents are the most important source of financial knowledge for the majority of 10- to 18-year-olds in Germany, while social media influencers and teachers play a lesser role. However, many parents feel insecure or overwhelmed when it comes to teaching financial knowledge. Prof. Carmela Aprea, Holder of the Chair of Business Education, Design and Evaluation of Instructional Systems at the University of Mannheim and director of the Mannheim Institute for Financial Education and communications expert Kirstin Wulf therefore provide valuable tips on how parents can introduce their children to money issues and discuss complex financial topics in a playful way. The article emphasizes the importance of starting early, involving children in everyday financial decisions, and fostering open conversations about money. Practical experiences, such as grocery shopping and budgeting, are suggested as effective ways to teach children about financial concepts. Handling children's desires and wishes, addressing financial crises, the value of pocket money, and the role of technology are also discussed. Moreover, the article highlights the need for comprehensive financial education in schools, involving all relevant stakeholders and emphasizing quality assurance and evaluation. Through their insights, Prof. Aprea and Wulf underscore the significance of equipping children with financial knowledge and skills to navigate their financial future successfully.
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