Financial education: your relationship with money according to your age

Grandparents' tips, monthly payments, payslips, credits or mortgages are some of the financial concepts that happen over time and with which we become familiar throughout life. On the occasion of Financial Education Day, which is celebrated on October 2, it is important to remind parents of the importance of teaching their children how to manage, save and invest their money.

The presence of a solid financial education promotes the development and future possibilities of any person, since the financial decisions that take will condition your life. Therefore, financial responsibility is a critical part of education and, like other important habits and attitudes such as politeness, order and study habits, a good relationship with money It must be acquired from a very early age.


Where does the word money come from and how is our relationship with it? We have to go back to Roman times to talk about money because it comes from the Latin denarium, the currency used by the Romans in their commercial activities.

This is your relationship with money according to your age

Since then, the history of money has been long and its relationship based on age is very different as shown by the digital bank Self Bank in an x-ray that shows how the relationship with money based on our age.

Children up to 12 years old. During childhood, children begin to know the value of money through the weekly pay that they give them at home, from the tips of grandparents ... Little by little, they learn to save by inserting coins in their moneybox with the illusion to be able to buy something more expensive that they intend to obtain. Recognize the value of money allows them to exercise responsibility, the ability to choose and social skills to get what they want.


Between 12 and 18 years old. In preadolescence, the allocation of a monthly or weekly allowance helps them to plan their own expenses and to learn how to make economic decisions. As they grow in maturity, their relationship with money also gains in autonomy. It is important that they begin to understand the savings and know that they have this option and decide on what to spend it later. In some cases, learning to save also begins the approach to bank accounts and in others to debit and / or credit cards; However, before granting them one, young people should be aware of purchases and be financially responsible.

From 18 to 30 years old. During this stage of life you get the first job and the first income in the form of payroll. This is how we become aware of economic independence. It also begins to access banking entities, savings accounts or loans. At this point they begin to obtain goods for which an important amount of money is necessary such as a vehicle, rent, housing, etc. "The savings are rather short-term, without accumulating large amounts and without the possibility of making important investments," explains the Head of Content, Products and Services of Self Bank, Victoria Torre.


Up to 45 years old The professional and family trajectory will increase the income, but also the expenses. It begins to establish a family economy, no longer individual, taking into account household expenses, education, etc. A relationship is established with the debts and sometimes you have to resort to mortgages, credits or even own funds. In addition to savings accounts, at this stage you can also choose to make money from deposits or invest in the stock market, investment funds or listed products.

From 46 to 65 years old. In this stage the income stabilizes, the children begin their independence and a stage begins in which they end up paying some expenses such as housing and retirement plans and pension plans are already being considered. "Although thinking about a pension plan should be done at an earlier age many wait until the date of retirement is approaching," they explain from Self Bank. At this age, once basic needs are met, more risky products are usually acquired and the investment portfolio is diversified in order to increase the economic fund for retirement.

After 65 The relationship with money after 65 is based on the pension and the decrease in income. Here the savings and investments made throughout life come into play. Spending begins to be more focused on enjoying and will opt for investments characterized by being more conservative that give lower profitability but are safer.

Through this relationship of the economy in the different stages of life, an X-ray is established of what the money relationship is like from birth to death."Our life revolves around the economy, from the first years of life when we receive the tip of the grandfather, the weekly pay, we begin the economic independence or when we deal with mortgages, credits or pension plans, for this reason it is essential to have a good financial education that allows us to have enough knowledge to be able to make our own economic decisions, because finances are part of our day to day, "said Torre.

Marina Berrio

Video: 14 Facts About Money You Should Know by Age 30


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