Mathematics News 

   Practical Tips on How to Help Your Children        Learn About Money at Home.

Dear Parents,

Teaching children about money helps them understand the importance of mathematics in real life and can help set them up for future financial security. Understanding money from a young age is a valuable life skill. 

Here are some tips to promote mathematical knowledge and encourage financial awareness at home. 

Have a conversation

Primary school is a great time to start learning about financial literacy and talking to your children about money. This is an effective way to help your children understand personal finance. Explain how you arrive at financial decisions, what’s in your budget (or if you don’t have one, why not do one together?) and how different aspects of dealing with money make you feel. Talk about the mathematics involved in financial decision-making. Where possible, encourage children to make their own financial decisions with things like pocket money or savings. 

Talk about different ways to pay

Talk about the different ways of paying for things – from cash and traditional debit or credit cards to paying with contactless cards or even using your mobile phone. Have they seen any of these in action? 

Talk about some of the pros and cons of payment methods – e.g. using a contactless card is quick and easy, but there’s a limit to how much can be spent in one transaction. Explain that when you tap your card, it talks to your bank where your money is. When you tap to pay you use money that you've made by working and saving. Each time you tap and pay, you have less money in your account at the bank.

Don’t forget about physical cash

Show younger children the coins and notes you have in your purse or wallet and ask them to help you count them. Talk about the different sizes, colours and numbers on them and how many different coins and notes there are altogether.

 Divide and conquer

A sense of monetary value and different types of banknotes is a financial lesson you can gently introduce your child to once they know how to count. Sit down with your child and show them 2 items of varying value – for example, a toy car, a video game or a bar of chocolate. Give them some $1 and $2 coins as well as a $5, $10 and $20 note and ask them what notes and coins they would need to buy each item. 

Go shopping

Kids love helping with the shopping. Tapping into this sense of responsibility is a great way to develop their financial literacy. You can ask them to help you create a mini-budget, give them the task of putting those items into their trolley, and then practice adding up what they cost.

          You could give this activity a try:

• Cut out some pictures of your child’s favourite foods – these can be pictures from magazines or      ones you’ve found online
• Then, use a marker to write an estimated dollar value on each item 
• Get them to pretend they're going to the shop and give them a budget 
• They can then glue the items they can afford onto a sheet 
• of paper - that's the shopping done. 

 Count coins

Learning how to add coins can be tricky for children, particularly children who aren’t confident with maths. Here's how to make it simpler and more fun:

• Create a pile of coins, with as much variety in the denominations as possible 
• Get your child to sort the coins into 50c, 20c, 10c and 5c piles 
• Ask them to use several coins to make up a dollar in total value
• Then, ask them to find other ways, using the coins, to make up a dollar in total value – e.g. 2 x 50c, 5 x 20c, 10 x 10c. For extra motivation, tell them if they can come up with more than 3 variations, they can spend $3 on a treat

Incorporating these practical ideas at home will help you give your child real-life mathematical experiences and begin building a solid foundation in financial literacy that will benefit them throughout their lives.

Thank you for continuing to support your child’s journey to understanding how mathematics is applied in everyday decisions and preparing them for a successful future. 

Kind regards,

Ms Nellie Girgenti 

Coordinator and Year 4 teacher