For the past three years, my business partner (Helene Kempe) and I have been researching, looking for the answer to the question "When is a good age for teaching kids about money"?

What we've discovered is that any age is a good age to start and the earlier the better.  As you may already know, the first 7 years of a child's life is known as the "Imprint Period" where they unconciously model everything you do without any conscious awareness.  Therefore, whatever you do, they do without questioning why.

We recently interviewed a 4 year old (georgeous) little girl named Kayla.  She regularly played shop with her grandmother and had an EFTPOS machine where she would ask you (the customer) for the money and swipe the card in the machine.  When we asked her where money came from, her response was "Out of the hole in the wall".  This was simply because she had seen her mother take money from there repeatedly over the past 4 years of her life.

As soon as your child is able to speak and understand concepts, start introducing them to money.  Ask them questions such as "where does money come from?" and see what your child's response is.