A note, nicely packaged – are monetary gifts also something for children? “That depends a lot on the age of the child,” says social pedagogue Dorothea Jung from the online counseling service of the Federal Conference for Educational Advice (bke), to which parents can turn anonymously and free of charge if they have any questions about parenting. “Kindergarten children have no idea of the value of money,” says Jung. “The joy of a new toy is certainly greater.” That could change at the earliest with the start of school age. When children get their first pocket money and maybe they already have a small money box – in other words, they already have an understanding of money.
“If the child has a certain wish and is already saving for it, parents can support the child with a small injection of money,” says Jung. In this way, the idea of saving can also be supported and promoted. “Gifts of money to children should be event-related,” says financial education expert Cornelia Schulz from the Federal Association of German Volksbanks and Raiffeisenbanks (BVR).
The amount of money can be handed over personally in cash, but it can also be paid into a youth account, for example, and thus train the child’s financial education. “Then the child or young person learns at the same time the function of cashless payment transactions and also, with the support of their parents, how to use it responsibly,” says Schulz.
Talk about money openly
Monetary gifts should be given outside of regular pocket money. “Pocket money is learning money. With an amount paid out weekly or monthly, children gradually learn to coordinate and keep an eye on income and expenses, ”says Schulz. If there is money out of turn, that should also be perceived as an exception.
In any case, the financial literacy expert advises talking openly about money within the family. Where does the money come from? What are the monthly expenses? “Only when parents address these issues more often do children become more aware of what to look out for when dealing with money, and they also learn to better assess the value of money,” says Schulz.
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