Children and Money: Why Parents Matter Most
The article “So lernt Ihr Kind den Umgang mit Geld” in Handelsblatt explores this topic and highlights insights from 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, as well as communications expert Kirstin Wulf.
A study cited in the article shows that parents are the most important source of financial knowledge for 10‑ to 18‑year‑olds in Germany, while influencers and teachers play a smaller role. At the same time, many parents feel insecure about how to teach financial concepts, which is why Aprea and Wulf provide practical guidance on introducing children to money in an accessible and 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.