SPOKANE, Wash. — Most parents want to set their children up for financial success, but many wait too long to start the conversation. According to one local financial expert, the right time to begin is much earlier than most people expect.
Children can grasp the basic concept of money — and how it’s used to pay for things — around age 3. By age 7, they begin developing emotional associations with money. That early window, says Mike Mortlock, assistant branch manager at Numerica, is an opportunity parents shouldn’t pass up.
“Starting counting or maybe do a scavenger hunt, like a financial scavenger hunt,” Mortlock said. “For example, go to the grocery store and add up the price of their favorite snacks. They watch you pay for it. Things like that.”
For middle school and high school students, Mortlock recommends bringing them into real household budget conversations.
“How do you decide what to spend your money on? If you have a big financial decision coming up, invite them into that kind of plan and how do you decide what the best rates and different things are,” he said.
Open accounts early
One of the most impactful steps parents can take is opening a checking or savings account for their child as soon as possible. Mortlock says the earlier, the better — and he speaks from personal experience.
“I opened them as early as I could, because they start getting those checks from grandma and their little allowance and it can grow interest wise,” Mortlock said. “And time is a super powerful tool when it comes to growing interest.”
Compound interest rewards patience, and the earlier a child’s money starts working, the greater the long-term payoff.
Investing for your child’s future
Beyond savings accounts, parents should consider investment vehicles designed specifically for children. A 529 plan allows families to save for future college expenses with tax advantages. A custodial IRA is another option — particularly for kids who already earn income from a part-time job.
“So for your kids that have a job that are working a little bit, they can actually contribute money, like we would to our 401Ks, for example,” Mortlock said.
Parents can learn, too
Financial education doesn’t have to be a one-way street. Parents can build their own knowledge alongside their children.
“You can also learn about money alongside your kids, by reading a book on finances or listening to a podcast,” said 4 News Now reporter Derek Deis.
Whether it’s a trip to the grocery store with a calculator or a conversation about the family budget, small steps taken early can shape how a child thinks about money for the rest of their life.
COPYRIGHT 2026 BY KXLY. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.
