Rising student loan debt among young people has underscored the current need to teach children money management skills at a young age. Conscientious parents are exploring educational options for children of all ages that can help them to learn basic money management skills that will help them to succeed in the real world.
Even children as young as five years old can participate in businesslike activities that can help them learn how to budget finances. The proverbial lemonade stand, for instance, is an age-old tradition among young entrepreneurs who want to earn a bit of spending cash.
Although lemonade stands are no longer commonly seen gracing residential street corners, the basic economic principle remains the same. Providing goods and/or services to a willing market in a way that produces a profit is the basic premise of capitalism and one of the first economic lessons that every young person should learn.