In order for children to be able to handle money competently and responsibly as adults, they have to be able to assess value and costs realistically. This is a particular challenge when it comes to costs, as children don’t yet encounter them directly. They have never dealt with taxes or insurance premiums, for instance.
For children, it is also important to consider what price is appropriate for a desired item, or rather, how much they are willing to spend on it. This includes understanding the link between work and income: what salary do I get for which kind of work? How many hours do I have to work for a given amount of money?
The most effective and long-lasting way for children and adolescents to learn how to handle money is being able to practise in everyday life and gradually take on more responsibility.