A recent survey of kids ages 4 to 18 showed what kids like to do with their money.
It also revealed that girls' spending habits are more diverse than boys' interests.
Girls outspend boys in categories like books, media, food, trips, clothes and music.
When it comes to gaming and new technology, boys spend more.
As they age, girls become more entrepreneurial than boys when it comes to earning their own money. 2/3 of girls ages 16 to 18 have a part-time job compared to only 1/3 of boys.
But even with part-time jobs, most kids get their money from their parents. 38% of kids get their spending money from their parents. One interesting note - parents are giving their kids spending money based on their child's needs, rather than on a formal allowance pattern.
41% of kids who get cash, save it in a bank account. Only 10% of children do not save any of their money. One interesting thing about this - boys are more likely to save their money in a bank, while girls tend to save through their parents.
Here's what boys and girls ages 4 to 12 are spending their money on:
food and snacks
gifts for friends
favorite sport's team attire
As church leaders, we are called to equip believers for the work of the ministry. But I think we often don't make the connection of teaching kids how to financially support the work of the ministry. And the blessings that come from doing finances God's way.
Just as important, if not more important, is equipping parents how to teach their children about money.
Financial Peace University is a great program to teach parents about managing their finances God's way. I also created a children's teaching series about money. It's called "Money Talks" and tracks with what parents are learning in FPU. If your church currently uses FPU or you're going to be using it in the future, Money Talks is a great series for kids to go through at the same time. The lessons are...
Week 1 - Money Talks About Owning
Week 2 - Money Talks About Tithing
Week 3 - Money Talks About Sharing
Week 4 - Money Talks About Planning
Each lesson includes take-home activities to get parents talking with their children about managing money.
Is it important to teach kids what God says about money? Absolutely. If kids can understand how to manage their money according to God's principles now, they will be set up for a lifetime of blessings.
We know most of our habits are formed when we are children. Let's help kids and their parents form good habits with their money.
Here's a video sample from Money Talks curriculum series.