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Early Economics

Back in April, we talked about Elmo’s take on financial literacy for all ages. Namely, should (and how could) financial literacy be taught alongside traditional literacy to Sesame Street’s target demographic? Today, here’s another take from the Milwaukee Journal Sentinel (not a furry red monster), “Teaching kids financial literacy? Don’t forget entrepreneurship:”

You teach them the value of hard work and the importance of telling the truth, how to be a loyal friend and a good citizen. But you might be overlooking one of the most important lessons you can teach your children to help ensure they do well in life — financial literacy. [...]

The Great Recession taught many adult Americans how little they really knew about financial literacy. Over the past few years, educating children and teens about smart spending, saving and borrowing habits has gained national prominence among educators, legislators, financial experts and parents.”

The article features several ideas for instilling smart spending and planning at an early age, including “giving children a weekly allowance and helping them establish goals for their money” and “teaching them to be little bargain hunters.” What would you suggest when it comes to economics lessons for young entrepreneurs?

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