“NEW STUDY CONFIRMS ADULT MONEY HABITS ARE SET BY THE AGE OF SEVEN YEARS OLD”*
I was frustrated when I read this headline that proclaimed that money habits are set in a child by the age of seven. Seriously? Seven? So I contacted one of the co-authors of the study, Dr. David Whitebread of Cambridge University, and asked for the full study to see for myself if this was really true. What I found out was that the headline was more provocative than the results – but not by much.
The actual study concludes that money habits can be shaped in children starting as early as age 4 as kids have the developmental abilities to learn good money habits. And, by the age of seven, some core money behavior has indeed been established. Continue reading