This conversation is closed.

At what age should students start saving money?

What age should students start saving for life after high school?

Age 10? Age 15? Age 7?

Closing Statement from Demetri Alexander-Lukas

I agree with a lot of what you said, but I think that saving money from Christmas and birthdays is important, too, since you are most likely to get larger sums of money at those special holidays/days. Thanks for commenting and letting me know what you had to say!

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    Oct 22 2012: I would say 3 you are not going to teach them much at say 10. I can remember my dad had me saving up for a cap gun at about that age. He gave me a little cylinder and said when it was full I would have enough. They would have me do little jobs for money. Then I had a mishap with a pane of glass which was my fault I had to pay for that, then starting saving again. I think it taught me the lesson of exchange. A lesson that is apparently absent in today's curriculum?
    • Oct 22 2012: "I think it taught me the lesson of exchange. A lesson that is apparently absent in today's curriculum?"

      Since you're obviously taking a jab at politics, let me remind you that today's politicians were kids at around the same time as you were, not in 2012 (unless they own time machines)...
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    Oct 23 2012: Age when you have money
  • Oct 23 2012: What for?
  • Oct 23 2012: As early as possible.
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    Oct 22 2012: I agree with Pat. Saving money is a developed habit and good developed habits are the makings of responsibility and acknowledging value.

    Parents are teachers too. When we take the kids with us and share the experiences of spending and savings then the kids begin to have the understanding of why ... of goals .... of self dependency.

    Pat spoke to the lesson of exchange .... John sought a political meaning thyus missing the point. The lesson of exchange is indeed missing in todays curriculum. It is easier for parents to throw money at a problem, and at kids, than to interact and provide the role model that is needed. When I went to school we used math story problem to demonstrate a application. We could tell you the amount of bushels of wheat in a wagon with side boards X high and a lenght of Y. I was given an allowance for performing farm chores. I could save it for a bike or spend it for candy. G'pa was proud of my saving and always bought me a hard candy. We sold vegies and cash crops. We all saved for something. I was really proud when I could save just like everyone else and showed my savings off often.

    I teach the lesson of exchange to my grandkids by having them work and I compensate them for a completed task. If one does it all then they recieve the whole amount. No work no pay. Some work some pay.

    As parents we shopuld not teach them that money is the only goal .... but rather that it is a medium of echange for our wants and needs.

    All the best. Bob.
  • Oct 22 2012: School students should only save to learn the concept, not for their future because a) whatever they make during their school years isn't going to make a dent in their later finances anyway and b) higher education, in whatever form, shouldn't be ridiculously expensive and in any case it should be paid for later on through taxes or repayment of government loans, forcing 18 year old kids to take bank loans with abusive interest rates is immoral.
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    Oct 22 2012: who could tell? it all depends on the circumstances. are there cheap loans available? do you want to buy property, or just rent? what job you anticipate will get? what are your plans after high school? wanna leave the country? wanna go to university? wanna travel around the world for a year? there is no one-size-fits-all answer.
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    Oct 22 2012: I'd say as soon as they start receiving money and appreciating its value.The realities of life after school is a certainty; it is never too early to prepare and to lay a firm foundation.