Finance: How parents teach their children how to manage money – Economics

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Benjamin Emonts

Earning money is often very easy in fairy tales. “Rumpelstiltskin”, for example, spins straw into gold for a miller’s daughter, or in “Tischlein, deck dich” a donkey reliably spits gold coins as soon as he hears the magic word “Bricklebrit”. But children shouldn’t get the wrong idea. In contrast to the fairy tale “Die Sterntaler”, money does not simply fall from the sky, but has to be earned and sometimes saved. Experts agree that children should understand this as early as possible. The magic word is financial education.

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