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Ever feel like chores are the ultimate snooze-fest? From folding laundry to washing dishes, they’re the tasks we love to hate. But hold onto your brooms because here’s a secret: These mundane responsibilities might end up being the key that can help unlock your child’s understanding of economics and personal finance. Getting kids involved in chores early doesn’t just lead to tidy rooms – it could set them up for a lifetime of financial success.
In addition to building essential life skills, when chores and allowance are connected, there’s a practical opportunity to introduce your child to financial concepts such as earning, saving, and budgeting. More importantly, it will give them the opportunity to handle, identify, and count coins and bills – a basic skill that is disappearing among some students due to the rise of digital payments in our economic landscape. In my travels as a financial educator, I have witnessed this trend firsthand from kindergarten all the way through high school.