Talking About Money

Chapter 01

Why talk about money?

Children who understand money early on in life often use money more wisely in later life, according to academic studies. Discuss the basics now, and you might avoid more painful, difficult conversations in later life.

Chapter 02

What is money?

Money is the stuff we use to buy and sell things. Sometimes we keep it in a piggy bank, sometimes in a real bank; sometimes in your pocket, sometimes under the mattress.

Once upon a time, people swapped and traded things such as cows and bushels of wheat, in a system known as barter. Nowadays we prefer cash. Coins and notes are all money, but money can also be spent electronically, using debit cards, credit cards and phone apps and even through your watch. Employers pay their workers with money. Banks keep track of how much money people have. The government collects money from everyone, to pay for things like the army, schools and hospitals. And kids can get money through pocket money, by doing chores, or maybe even running small money-making businesses, like a lemonade stand.

Fun Factoids

In the past, sea shells, tea and beaver skins have all been used as money in different parts of the world.

When governments get into trouble, the value of a country’s money drops. About 100 years ago, German money became so worthless, shoppers had to take wheelbarrows of notes to the shop to buy even simple items. Today, experts call this the ‘wheelbarrow problem’.

The money we use today isn’t made from precious metals, but instead from fairly cheap stuff, such as paper, nickel and steel. It holds its value because everyone within the country – including the government – agrees on its worth. This sort of money is known as ‘‘fiat money’.

Chapter 03

Talking to your kids about money

We love a good chat at RoosterMoney, so here are some ideas to kick start conversations about money with your child:


Money around the world

Different countries have different notes and coins. These are called different currencies. Can your kids name the money used in the USA? How about France? What about Japan? Why might different countries have different types of money?


Funny money

Criminals sometimes make their own fake money. This is called counterfeit money. Governments try to stop them, by making money very detailed and hard to fake. Take a look at some money with your kids and see if you can spot these details.


Can money buy happiness?

Talk about how money makes you feel. Have your children ever found money on the street? Have they ever lost money? Did they feel happy or sad afterwards? Did that feeling last long? Why?


Collecting money

Some people collect rare coins for a hobby. This is called numismatics. Coins end up being rare for a variety of reasons. Take for example, Edward VIII, who was the King of England for only 11 months back in 1936. No coins with his face on ever made it into circulation, but a handful of trial ones were made, and they're super rare now.

Expert View

“In today's world there are many pressures on young children and their families which make financial education increasingly important. The 'habits of mind' which influence the ways children approach complex problems and decisions, including financial ones, are largely determined in the first few years of life...early experiences provided by parents, caregivers and teachers can make a huge difference in promoting beneficial financial behaviour”.

Chapter 04

Having some fun with it

Playing is a great way to learn about money. Why not try some of these games with your kids?


Make your own money

If the money we use at the moment disappeared, what could you use instead? Leaves? Stones? Could you make your own money? How would you make sure it wasn’t faked? How would you make sure it remained valuable? See who can get together the best currency in 20 minutes


Money stars

Lots of countries put famous people’s faces on money. Who would you put on your notes? Why not ask your kids to design some themselves?


Guess the worth

Bag up some coins and have your children guess how much each bag is worth. They can weigh them, look at them, and then count them out.


Find lost money

A lot of pennies get lost behind furniture cushions or forgotten in the pockets of old coats. Perhaps you and your children could hunt around for misplaced cash. The one who finds the most wins.

Parent View

“When we're paying for items in the shops, our children can see a transaction taking place but they might not quite understand how it all connects together. It is important that they understand that money isn't just about coins and notes, and that when you pay on a card, money comes out of your account, or ends up on a credit card bill; it does have an impact on your finances. It’s important to have that conversation with them.”

How RoosterMoney can help

Money isn’t just notes and coins. With a Rooster Card you can let your child experience the cashless economy within a safe environment.

Find out about the Rooster Card

Teach your children the true value of money by setting them a chore in the Rooster app. Together you can decide on what’s worth more: washing the car, tidying their room or helping out in the garden.

Set chores with RoosterMoney

Earning, saving and spending are important uses of money, but it's also worth thinking about how you can donate a little to important causes. Kids can do that via the app too.

Get kids saving and spending with RoosterMoney