Money and banking

Money

Children frequently see adults exchanging money and they incorporate it into role-play games about shopping. Babies love exploring their parent's wallets and quickly learn how to swipe cards at the shops.

Some parents provide pocket money or open bank accounts for their children, to teach numeracy and money management. Other children associate money with stress, because they know their family doesn't have much.

EYLF learning outcomes 

A child's interest in money and banking can help them achieve learning outcomes from the Early Years Learning Framework. Money will connect children to people, places, technologies and processed materials (4.4).

They will develop a sense of belonging to groups and communities and an understanding of the reciprocal rights and responsibilities necessary for active community participation (2.1).

Saving and managing money can help children learn dispositions for learning, including commitment, enthusiasm, persistence and confidence (4.1).

Learning experiences

  • Set up a pretend shop or restaurant with play money, wallets, purses, bags and food items.
  • Let children inspect real money, including coins and notes. Let their comments and questions determine future learning experiences.
  • Make your own money from paper and loose parts.
  • Introduce basic maths concepts by counting coins.
  • Play heads or tails. Guess which side a coin will land before flipping it.

Family and community connections

  • Organise a simple excursion in your local area so children can buy something from a shop. Alternatively, visit a local bank and arrange for someone to talk with your children about looking after and saving money.
  • Ask for donations of foreign notes and coins of insignificant value, so children can inspect and play with them. Talk to children about which countries they've come from.

Events

4th December is International Day of Banks

Resources

Websites

Money Smart: Teaching children about money