Preschool
It may not seem like it, but financial education can be taught to very young children . Of course, this does not mean reading toddler annual reports instead of fairy tales at bedtime, but financial literacy education can begin the moment a child begins to communicate. 
– Once your son or daughter can show you what they want at the store, you can begin to teach them that money isa thing. Take advantage of the fact that young children love to help and get them involved in the shopping process. Have the child check the pantry at home and discuss what needs to be bought and what does not. Make a shopping list together and have them look for items on the list in the store. This may save you money by not impulsively throwing things into the cart. Even now, you can teach your child that things have a price. Children at this age often do not yet understand numbers, but they will understand concepts such as “more or less” and “either/or.” There are many ways to train this distinction. For example, agreeing to choose between having two small cars or one large car, and talking about the price of those cars. Or agree to pick one out at the store. The child will learn responsibility and planning in a non-violent way.
Preschoolers and kindergarten-aged children
Preschoolers may find it appropriate to introduce an allowance. There is no need to physically give them money at first; simply set a weekly budget and teach them to stick to it. For example, agree to accumulate 50 kroner per week for snacks, and it is up to the child to decide how to spend it. Most children begin by spending their first allowance on the first day. However, they soon realize that it is better to divide the allowance into several days and may be surprised at how well they plan to spend it.
– At this age, you can also talk to your child about ATMs, banks, and how payday loans work. Talk about where the money comes from and what it is used for. For example, explain to your child how loans and savingswork. For elementary school students, it is already appropriate to introduce an allowance. Today, it is possible to set up an account for your child, but for smaller elementary school children it is still more practical to use coins or bills. The amount and frequency of the allowance is up to you, but many children find it more manageable to give a small amount once a week rather than a large sum once a month.
In elementary school
second grade and middle school, bills should already be the norm. Not only will this give children a sense of responsibility and maturity, but it will also teach them that a small plastic card does not mean unlimited income. It is also a good opportunity to talk to children about, for example, how debit and credit cards workand what taxes are for. Financial literacy is now part of the curriculum in many schools, but it is still a good idea to talk to your child about anything that interests them.
– One tip: If your child asks for a raise, treat it as if you were going to ask for a raise at work. Let them explain why you should give them a raise and talk about what you are going to do to give them a raise. For example, if you raise his allowance by $200 a month, he will start buying the magazines you have been paying for. Also, if you raise him $500 a month, he will start paying for his own movie tickets. This would be valuable practice for the child, as many adults are not asked for raises. High school students are also in the process of getting their first part-time job. In theory, they can work until age 15, but most employers prefer age-appropriate workers. But you can help your child here as well. Teach them how job portals work, help them write resumes and cover letters, and teach them how to spot scam ads. Let them talk about what an airplane is and why they can\’t make $10,000 a week at a temporary job. If your child can\’t find a job, support him. Let your son get a job, but let him lead the way.
What next?
The situation of young people varies from case to case: some are fully independent soon after their twenties and are rather concerned about their parents\’ financial concerns, while others still enjoy the luxuries of a mom-and-pop hotel. Czech law stipulates that parents have a duty of support to their children until they are able to support themselves. In other words, the obligation ends when the child finishes school and there are no obstacles to his or her self-support. On the other hand, if you have a student at home, your duty of support continues.Further, the child should “make reasonable efforts to support himself or herself.”If the child is not a student at home, your obligation to support him or her will end. Thus, if your offspring is still studying for a bachelor\’s degree at age 30, you may be entitled to stop paying his tuition. Furthermore, even if he is an undergraduate student, clear rules should be established. Agree on what is to be borne and what is the responsibility of the child, and take an active interest in how much things cost. It is also a good idea to encourage young gentlemen and ladies to set up their own savings accounts and put something in each month.
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