INDIANAPOLIS (WISH) – As kids head back to school, it’s an opportune time for parents to initiate conversations about personal finances.

With the excitement of new classes and the peer pressure to keep up with the latest trends, it’s never too early to help children understand the value of money. Adam Young, area manager at Everwise Credit Union, stopped by Daybreak to chat about strategies for teaching kids financial responsibility.

Young emphasized that there is no specific age to start teaching children about money.

“You don’t have to wait until they’re 10 years old to start talking about finances,” Young said. “It’s important to begin with the basics—what money even looks like, how to save it, and understanding the difference between needs and wants.”

One practical tip Young shared involves using grocery shopping as a teaching tool. He says he and his wife would have their children calculate the cost of each item in their cart and then compare that to the cost of dining out. This hands-on approach helps children grasp the concept of budgeting and the value of money in real-life situations.

Peer pressure is often the first financial challenge kids face. Young notes that children often see what their friends have and want the same, but they may not understand that just because they have money doesn’t mean they can afford to spend it. Teaching the difference between needs and wants can help kids navigate these social pressures.

But it’s not just the kids who benefit from these lessons. Parents can also take this opportunity to reassess their own financial habits.

“Teaching your kids about money makes you think internally as well,” Young explained. “It reinforces good practices for the whole family.”

One key takeaway from the discussion is that financial education is a lifelong journey, and starting early can set kids up for success. Whether it’s calculating grocery costs or setting aside a percentage of their allowance, these lessons can help children develop strong financial habits that will serve them well into adulthood.

Young concluded with a reminder: “It’s all about applying what we’ve learned. That’s all we can do, and that’s all we can ask for.”

For more tips on teaching kids about money, click here.