How much does a supermarket trip cost? We asked children about money — and the answers surprised us
August is a month when children hear the word "money" most often. Another ice cream, another outing, or a purchase before school. But what do they really know about the finances behind these things?
In collaboration with Bank Hapoalim, we visited the Hapoalim Junior City complex and asked children a few financial questions that seem simple to adults: How much do parents earn per month? How much does a supermarket trip cost? Who is best with money at home? How much of the salary should be saved?
The answers ranged from funny to surprisingly mature. When asked about their parents' monthly income, estimates varied from 100 to 20,000 NIS. Supermarket prices and electricity bills were also a mystery: one child estimated a large grocery trip at "20-something shekels," while another suggested "1,000 shekels with coupons, 2,000 without."
Financial education at home
Children encounter money constantly and listen to their parents. The home environment is where financial education begins. When asked who is best with money, 12-year-old Lorin Dan noted: "Dad is best with money because he saves." 8.5-year-old Arbel Bardugo added: "He always keeps a lot of money, while Mom spends on me and the whole family."
Regarding what parents buy that is a waste, 9.5-year-old Nico Friedman admitted: "They buy me lots of toys." However, 12-year-old Ariel Cohen defended them: "I think Mom and Dad know what to spend and what to buy."
Lessons in saving and planning
When we asked children to imagine their parents earn 20,000 NIS and decide how much to save, they offered mature insights. One explained that you cannot spend everything now because you might need money for a car or a house later. Another suggested a family budget: set some aside, spend some, and keep some for emergencies.
Financial education doesn't require textbooks. Children observe what we put in the cart, hear why we refuse a purchase, and notice how we compare prices. Summer vacation is a great time to talk: give children a set amount for an outing or discuss planning a family trip.
"Think before you buy"
The best advice came from the children themselves. When asked what tip they would give their parents, one answer was simple: "Think before you buy something." 13-year-old Rachel Tomchinsky summarized: "Everything I want is not something I necessarily need. They should think before they buy."
Children don't need to calculate interest to develop financial habits. It is important to teach them the difference between "want" and "need," not to spend all their money at once, and to think about the future. Most importantly: do not be afraid to discuss money as a family.
In collaboration with Bank Hapoalim.
