According to a study at the University of Michigan Center for Human Growth and Development, children as young as five have already begun developing emotional reactions to spending and saving money. The study also found children’s emotional reactions translated into real-life spending behavior, and early spending behavior might indicate poor financial decisions later. All of this highlights the importance of early education to get kids on the right financial track.

So where can kids learn about the merits of saving and setting goals and the relationship between work and earning money? In most schools, personal finance isn’t part of the curriculum, which means it’s up to parents and guardians to impart these important lessons.