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Every Kid Deserves the Chance to Learn and Grow

Pair these FREE educator-developed printable activities with your favorite Encantos videos, books, and songs to help your child develop critical reading, writing, math, and social emotional learning skills. Plus, check out our Tips for Grown-ups to help reinforce the teachable moments in each lesson.

Dec 01, 2021 -

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Financial Literacy and Why It Matters to Your Child

Financial literacy helps kids understand the importance of money & how to spend and save wisely. Get tips on how to build your child’s skills from a young age.

A Father took his two young kids to the store to buy paint for a fun family art project. When they got to the paint aisle, they saw all kinds of options for buying paint: individual bottles, packs of 4, packs of 12, packs of 20, and so on. Rather than just making the decision on his own, the dad asked his kids to think about the different options and their prices and together they calculated which option was the most cost-effective for their needs. This is an example of how parents can start building their child’s financial literacy at a young age by taking advantage of teachable moments in everyday life.

Financial literacy is having the knowledge and skills to make informed money management decisions. It allows children to fully understand the importance of money, how to spend and save wisely, and teaches valuable life lessons, like the difference between want and need. Helping children develop healthy money habits early on makes them better equipped to avoid financial issues in the future. 

David Whitebread and Sue Bingham, Ph.D, behavior experts at the University of Cambridge, reviewed previously conducted studies to determine how children learn about money. Their research concluded that many of our financial habits are set by age 7. This is not to say that it’s too late for children over the age of 7 to build financial literacy skills...many people don’t learn about financial literacy until they reach adulthood. Still, the study shows us that the earlier children are exposed to good money habits, the better able they are to build the requisite knowledge and skills to be able to handle it well: to budget, save, pay taxes, invest, and build wealth. People who understand that money is finite, and are experienced with planning, budgeting, and investing are more likely to maintain financial stability throughout their lifetime. And after all, isn’t that what we want for our children?

Here are 3 ways to help your child build financial literacy:

  • Let them earn their own money - If there’s a new toy your child really wants or if they are asking for an allowance, don’t just give them the money—make them work for it and really earn it! When children have to work hard for their money, they tend to be more careful with their spending and are more appreciative for what they have. 
  • Teach while you shop - Involve your children in your purchases, big and small. For instance, if you’re going to the grocery store, take your child with you. Show them your grocery list, explain why you make a list, teach them how you decide between different product brands, show them how coupons work, etc. 
  • Have honest conversations about money - Make talking about money a day-in, day-out conversation with your children. Rather than hiding past or present money troubles, tell your kids the truth and let them be involved in the decision making process.

How the Encantos app can help kids develop financial literacy:

The Encantos app teaches children the new fundamentals that are essential for them to thrive in this ever changing world. In the storyworld Tyrus’ Kids, financial literacy skills are reimagined through characters and stories that kids can relate to. Look for more financial literacy content in the coming months.

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Ask a Bilingual Expert

Raising a bilingual child? On this page, our very own Director of Learning Design and Efficacy, Sophia Espinoza, addresses some of the most common questions, concerns, and curiosities around the benefits of bilingualism. Get the scoop below!

Sophia Espinoza is a career educator and curriculum designer with seven years of experience teaching in private and independent schools across the country. She is an expert in 21st-century education, including technologically-powered personalization, multilingual and multicultural curriculums, and social-emotional learning.

Sophia began teaching in Chicago Public Schools through Chicago Teaching Fellows, learning to support both English Language Learners and students with neurodiverse needs. Among her proudest accomplishments is launching the AltSchool Spanish Immersion Program, with the mission of creating bilingual global citizens who are socially conscious and environmentally aware. Sophia holds a B.A. from Northwestern University and M.A.Ed. from Dominican University.

Benefits of Bilingualism (FAQs):

Any advice on managing two Spanish dialects in the household? Does this cause confusion for kids?

What do you recommend if I’m not completely fluent and my child’s school doesn’t have an immersion class?

Do you recommend teaching different subjects in different languages? For example, the solar system in English and the days of the week in Spanish? Or is it better for kids to try to learn in both languages all the time?

We speak Spanish and English in our home but my child almost always answers or talks back in English. How can I go about encouraging her to respond and speak more in Spanish?

Should I set aside time or create activities for each language or is it okay to mix them both together?

Any advice for households where one parent speaks Spanish and the other English? Can this be confusing for children?

How can my child learn language through play?

What are the social and cultural benefits of bilingualism?

What are some of the cognitive benefits of bilingualism?

What are some strategies for raising bilingual children?

What are some common misconceptions about raising bilingual children?

What are some of the cognitive benefits of bilingualism?