In a world of Venmo, Paypal, Apple Pay, Google Pay, and more, do your children even need to learn how to count coins? Will coins even be a thing by the time they reach adulthood? With all the things you want your children to learn, there is still reason to teach them about folding money and coins. Here's why.
Human Beings understand things we can touch better
When young people can touch something, it becomes more real and they can retain a concept much better. There’s academic research into learning and the brain that shows when you can relate a concept to touch, you are more likely to understand and retain a concept. There’s many conventions about money that exist only on paper and not in our physical world. This is one of the challenges we face in teaching children some of these concepts. Take advantage of a chance to use the sense of touch.
The feeling of loss and trading value for value
When you use a card to pay for something at the store, you take the card out, pop it in the machine, and then put the card back in your wallet. You started with the card and still have the card after the purchase. Yes, there’s money behind the scenes that you gave up, but do children understand that? If adults struggle with that concept at times, how hard is it for children to grasp? When a child pays with cash, they have a “thing” they must trade for another thing. They must give something up.
Arithmetic in the Moment
Your child using cash requires them to do some basic math when there’s “money on the line.” If they’re going to hand over exact change, then they will have to add up what’s needed. If they hand over a bill and get change back, they’ll need to double check the change. This act gives an anchor and realism for every time you say, “math is important.”
What’s more exciting when you’re a kid?
Hey, nephew, I did an electronic bank transfer and put a few dollars in your account to celebrate your birthday!
Hey, nephew, here’s some coins with that jingle and have inscriptions of American heroes, monuments, and awesome eagles.
I think you know the answer. Coins (bills too) are just fun. Embrace that.
We help Christian families on their journey to financial freedom. If you would like more posts from us on how to balance what's truly important with your finances, please sign up for our free newsletter. If you’d like to hear more about how Intrepid Eagle Finance helps families manage their financial lives, click here to learn more and schedule a free consultation.