How much do your kids know about money?

By Stew


I know that many of us are still recovering from the long weekend, so my post is on the lighter side today. I spent a lot of time outside over the past few days, believe it or not, my day job required me to work Friday night, all day on Saturday, all day on Sunday and most of the day on Monday . . . Fortunately, my services on Monday were not needed at the last minute, so I was able to enjoy some time with my family yesterday.

But I couldn’t take the whole day off – a blogger is always on the lookout for article ideas – I brought my laptop to the supper table last night and asked my kids some questions about money. (Just so you know, I don’t bring my laptop to family meals very often, although my Blackberry has been known to put in an appearance or two.) I proceeded to ask my daughters some questions about money. Daughter #1 is six years old and just finished kindergarten. Daughter #2 is newly five years old and will be starting school in the fall. I have recorded the answers as close to their own words as possible. I don’t think the answers reveal anything revolutionary, but I still found them interesting. Maybe you can spot a moral or a trend . . .

What is money?

  1. Cents and dollars
  2. Coins are round and dollars are rectangled shaped

How do we get money?

  1. From factories; by paying and then they give you money back
  2. From selling stuff

What do we use money for?

  1. For buying things
  2. For buying stuff

How much money does Daddy have?

  1. I think maybe eleven dollars
  2. A hundred dollars

How much money does Mommy have?

  1. Seven pennies
  2. Twenty-seven pennies

Who has more money, Mommy or Daddy?

  1. Daddy, I think because I said $11 and Mommy only has pennies.
  2. Daddy

What does Daddy buy with his money?

  1. Socks, tshirts and he just bought a new phone
  2. New tshirts and new soccer hats

What does Mommy buy with her money?

  1. Food for us and clothes for herself and toys and clothes for me and my sister
  2. New church dresses and pretty shoes; party stuff for my birthday party

What is a person called who has a lot of money?

  1. Rich
  2. A rich person

What is a person called who does not have much money?

  1. Poor
  2. A poor person

Are we rich or poor?

  1. Poor Why? because we don’t have a lot of money right now, I know that because mommy hasn’t been buying a lot of things except food
  2. I think rich Why? because [#1] has money in her piggy bank and I have money in my piggy bank; and poor people don’t have any food and we have food

What is something good to spend money on?

  1. Stuff that we need, like food and clothes
  2. My friend bought me “Puppy in my Pocket” for my birthday. That was good

What is something bad to spend money on?

  1. Toys and coffee
  2. On stuff that we are buying for dinner and we have a friend for dinner and the friend doesn’t like the stuff that we bought, that was bad to spend money on

Can we buy things when we don’t have any money?

  1. No
  2. No

What is a credit card?

  1. Something where you don’t have to pay, you just give it to them and they slide it down the thing and then give it back to you or you use a coupon
  2. A card for buying stuff

What kind of stuff do we buy with a credit card?

  1. More credit cards or clothes
  2. Stuff that mommy wants for our room

What should we do if we don’t have enough money?

  1. I would ask someone for more
  2. Wait until we get more

What should mommy save her money for?

  1. A new phone
  2. For buying stuff that she wants

What should daddy save his money for?

  1. A car for him, maybe a truck
  2. For buying a t-shirt that he wants

What would you save your money up for?

  1. Laura Ingalls books for myself
  2. A new dolly

How would your kids answer these questions? Can you think of any more questions that I could have asked my kids?

Picture by laurenatclemson

10 Responses (including trackbacks) to “How much do your kids know about money?”

  1. DDFD at Says:

    Out of the mouths of babes . . . very interesting perspectives!

    Makes me want to ask my kids these questions and my kids are older . . . 9, 10, 11, 13.

  2. Miranda Says:

    I love this experiment! I’m going to go ask my son these questions…

  3. Stew Says:

    DDFD, I would like to hear some of the answers from your kids. They are a lot older than mine.

  4. GrannyAnnie Says:

    Priceless. And a great starting point. I think you should ask them the same questions once a year or every two years, and see how they are progressing.

  5. Carrie Says:

    I’m curious to see what my daughter will say. Thanks for the idea.

  6. Christine Says:

    I asked my oldest two (4 next month and 5), and had a lot of fun with it. I would have asked something about giving to others in addition to the questions you asked. My almost 4 year old actually did say something about that. When asked what we use money for, she said be generous and give to people. :)

  7. SingleGuyMoney Says:

    I loved this. I don’t have kids of my own but I do have a few young cousins and I would love to hear their answers to those questions.

  8. Stew Says:

    Christine, after I posted this, I thought that I should have asked some of those questions. I will next time.

    You need to nurture that instinct in your child, that is a beautiful attitude.

  9. Pamela Says:

    I really enjoyed reading their answers! Thanks for sharing them. It’s a fresh look at PF ;) I thought their answers to the “Are we rich or poor?” question were interesting.