Money Skills Checklist by Age: Ages 6–18

Money skills develop through practice, not a single talk. Use this checklist as a flexible progression: start with what your child can already do, choose one next skill, and practice it in ordinary family life. Ages are guides rather than deadlines.

Ages 6–8: money represents choices

• Recognize common coins and bills.
• Explain that people earn money by working.
• Sort examples into needs and wants.
• Choose between two affordable items.
• Save over several weeks for a small goal.
• Use simple save, spend, and give containers.

Let children handle small amounts and see progress. Try the Save, Spend, Give system or a pretend-store activity.

Ages 9–11: planning and comparison

• Read a price tag and calculate simple change.
• Compare prices and quantities.
• Track allowance or gift money.
• Set a goal with a total and weekly target.
• Explain why spending one way means giving up another choice.
• Recognize advertising designed to create urgency.

Use the Afford-It Goal Planner to make saving time visible.

Ages 12–14: budgets and digital money

• Create a simple monthly plan for income, saving, giving, and spending.
• Understand that card and app payments still reduce available money.
• Review transactions and spot an unfamiliar charge.
• Use strong passwords, multifactor authentication, and account alerts.
• Compare checking, savings, and prepaid accounts.
• Describe the difference between debit and credit.

The FDIC’s Money Smart for Young People materials organize lessons around earning, spending, saving, borrowing, and protection.

Ages 15–16: income and banking

• Read gross pay, deductions, and net pay on a pay stub.
• Complete new-hire paperwork with trusted adult guidance.
• Budget from take-home pay rather than gross pay.
• Compare account fees, overdraft policies, ATM access, and parental controls.
• Deposit income and reconcile the account balance.
• Recognize phishing, fake-job, payment-app, and online-shopping scams.

Continue with the First Paycheck Guide and Teen First Bank Account checklist.

Ages 17–18: preparing for independence

• Build a realistic budget including irregular costs.
• Explain interest, annual percentage rate, minimum payments, and late fees.
• Check a credit report and understand identity-theft warning signs.
• Compare financial products without relying on influencer claims.
• Know whom to contact after a lost card or unauthorized transaction.
• Plan for account changes at age 18.

Use the Money Skills Assessment to identify the next practice area.

How parents should use the checklist

1. Ask the child to mark “I can explain,” “I can do with help,” or “I can do independently.”
2. Choose one skill for the next month.
3. Create one real-life practice opportunity.
4. Review what happened without shame.
5. Increase responsibility only when the current level is reliable.

Return to Money Skills by Age for activities and guidance matched to each stage.