Children 'should learn about money from early age'

It is crucial that children learn about money from a very early age, it has been suggested.

Speaking to Adelaide Now, a number of economic experts from the city claim that as soon as they are able to speak children should be taught about the importance of managing money and putting cash into savings accounts.

This is of particular importance, Mark Lewis, executive chairman of Bernie Lewis Home Loans, points out as there have been several generations of Australians who have grown accustomed to credit - which could include credit cards - being easy to access.

"But times have changed and it is important for children today to understand that if they want something, they should save for it," he claims.

Meanwhile, Genesys financial adviser Jacquie McCarthy states that the minute children are able to start asking for things is the point where they should be taught about money management.

The news follows claims made Oppourtune Home Loans managing director Paul Ryan that young people need to be taught more about applying for credit cards.

Speaking to the Sydney Morning Herald, he suggests schools and universities should offer guidance about what factors can affect an individual's credit score.

Written by Emma North