Interviewing My Four-Year-Old About Money

What our children say about money can teach us a lot about where they stand on money issues as well as where we might need to direct them a little better. A brief money interview with a child or children may help not only educate them and clear up some of their money misconceptions, but find out about their views on money and what you can do to help them in their financial education.

The following is a brief interview I conducted with my son, who is now four years and four months old. I asked him the following series of questions not only to learn more about his views on money but also where I need to improve his understanding of money and finance.

Me: "What is money?"

Son: "Money is money."

Me: "But what is it?"

Son: "Cash!" (Glad he didn't say credit cards)

Me: "Okay, so what do you do with cash?"

Son: "Put it in the bank."

Me: "What else do you do with it?"

Son: "You can…pay taxes?"

Me: "Very good. Is there anything else you do with money?"

Son: "You can play cards with money." (Maybe a bit too much World Series of Poker watching by daddy)

Me: "How Much Money is a lot of Money?"

Son: "One hundred dollars!"

Me: "How do Adults Get Money?"

Son: "From the bank."

Me: "How does the money get in the bank?"

Son: "By putting it in the bank." (You idiot, daddy!)

Me: "Where do we get that money to begin with though?"

Son (exasperated): "From the bank!" (This line of questioning is getting old, dad. Move it along)

Me: "How do You Get Money?"

Son: "From…Uncle Mike!"

Me: "Do you get money from anywhere else?"

Son: "On sidewalks sometimes." (Obviously we haven't started an allowance just yet)

Me: "What would you buy with your money?"

Son: "Fooooood!"

Me (laughing): "What kind of food?" (We do feed him)

Son: -- long pause, "Hot dogs."

Me: "Is there anything else you would buy with your money?"

Son: --"Carrots."

Me: "Are there any non food products you would buy with your money?"

Son: "Mmm hmm."

Me: "What else would you buy?"

Son: "Chips." (It's definitely time for lunch)

Me: "Is it better to spend money or to save it?"

Son: "Save it."

Me: "What would you save it for?"

Son: "For places to go."

Me: "Like when we go on vacation?"

Son: "Uh huh."

That pretty much concluded our brief money interview.

Takeaways

By conducting this short interview with my son, I learned a few important things. First off, he has some decent money saving fundamentals. He knows that money goes in the bank, that money is used to buy food (which I'm happier with him saying than buying toys or video games), and that it's better to save money than spend it.

The second thing I realized is that I need to spend a little more time explaining where money comes from and how adults earn money. He needs to know that money doesn't just magically appear from a bank. I also need to provide him with a better understanding of where or how he can earn money rather than just waiting for it to come in the form of birthday or Christmas money from Uncle Mike or picking it up on the sidewalk.

Third, $100 is a lot of money to him. This knowledge can be important for developing an allowance structure for him. By paying him $2 a week in an allowance when he's a little older, I could explain to him that he's earning over $100 a year, a large sum in his mind.

And lastly -- it was time for lunch. The kid was hungry and had food on the brain.

Consider interviewing your little one about money. You might be surprised at what you discover!

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