By: Felicia Shen
Why Early Introduction to Mathematics is Important for Early Childhood
Mathematics is applicable in much of our daily lives, from calculating discounts at the grocery store to adjusting measurements for a recipe. Research suggests that math knowledge and mathematical ability are shaped starting early childhood (Eason & Ramani, 2020). Thus, children need early exposure and engagement with numbers and other math concepts to foster a deep understanding of math, which is crucial for future success (DePascale et al., 2021). One way of doing so is through constant and consistent math talk around the child, either in the classroom or at home. While school may be the first place a child receives formal mathematical instruction, parental talk about math concepts during everyday activities is crucial in developing the child's mathematical comprehension and application, so they become familiar with mathematical vernacular and concepts (Vandermaas-Peeler et al., 2007; Thippana et al., 2020).
According to Jean Piaget’s stages of Cognitive Development, children enter the preoperational stage around 2 years old, which lasts until 7 years of age before entering the concrete operational stage. During this stage, they can think symbolically, learn to use words, and associate pictures with objects. Thus, this would be the stage where parents can begin to engage with their children about numbers and math since the children are slowly developing their ability to comprehend numbers symbolically and practically.
Introduction of Money Talk
One aspect of math talk is money talk, which encompasses the discussions, interactions, and experiences a child can have with money in any setting (Duong et al., 2024; McNeil et al., 2009; Vandermass-Peeler et al., 2007). Exchanging and interacting with money is one of the few ways numbers are used regularly in an applied context. Converting units such as meters to kilometers is another, but it is only employed sometimes in one's daily life. Money talk can play a critical role in developing a child's understanding of various financial concepts, which can profoundly shape their attitudes, beliefs, and behaviors regarding financial matters later in adulthood, whether that occurs in a formal educational setting or the home learning environment (Drever & Quest, 2021).
Coexistence of Money Talk and Number Talk
Money talk and number talk are closely related to one another. After all, the child would need to understand the conversations and associations surrounding numbers so the child can begin to understand how they can be applied in other contexts, such as money. When discussing numbers around children, there are formal applications and practical applications. Formal applications would contain formal phrasing, such as "What is 2 + 2?" Conversely, practical applications would employ numbers in a practical situation, similar to word problems, such as "How many fruits would we have in total if we buy 2 apples and 2 pears?" Both of these applications ask the same question but are phrased slightly differently. However, out of these two variations of questions, we often see money talk used in practical applications. An example of this would be “How much is the total if we buy 5 apples for $2 each?” In this situation, one would have to understand the numerical process and how money plays a role in this issue. Thus, number talk and money talk often coexist with one another.
Duong et al. (2024) examined the association of money talk, number talk, and money and number talk in a pretend grocery activity to see how it pertains to children's math skills, particularly those aged around 4 years old. Grocery shopping is an informal task where many children witness money talk and number talk being exchanged and conversed in a meaningful and applied context. Through this activity, they can begin to acquaint themselves with the value of money and its societal role by using a fake cash register, fake money, and fake food. Through the grocery shopping activity, Duong et al. found that money talk and number talk, individually or co-occurring, all help predict children's money knowledge. Furthermore, the frequency of parents' money talk was associated with children's ability to solve problems involving money, indicating that math talk is contextual. In fact, it is better when math talk or money talk are spoken within a particular context because it helps create and develop the association better for the child when that context comes up again. For example, talk about discounts and exchanging money will help solidify in the child’s mind when it’s continuously talked about during the grocery shopping context. Culturally embedded math contexts may help children acquire specific content knowledge beyond basic counting skills, such as the grocery shopping activity associated with money (Duong et al., 2024).
Connection Between Money Talk and Financial Literacy
How parents and children exchange money talk is essential to understand because it can predict future financial literacy outcomes for the children. While it is important to learn and understand how money concepts can coexist with numbers, early exposure to how money works and exists is just as important to improve financial literacy in more advanced contexts. For example, conversations surrounding money such as the procedural aspects of credit card usage or the perception of expense based on price and product represent sociocultural contexts in which money talk occurs. Consistent talk and exposure to these concepts will benefit the child greatly as they begin to develop financial literacy, which will help predict future financial outcomes and prevent the likelihood of adverse financial consequences (Beverly & Burkhalter, 2005).
Conceptual factors concerning money and the economy
Studies have also examined how cultural factors surrounding the topic of money may influence the child's understanding of money and future attitudes. The exchange of culturally relevant information about money is just as crucial in understanding how money works. The first hurdle that parents and children must go over in money talk is understanding what the bills and coins represent and learning to count and add the bills and coins. However, understanding culturally relevant information about money is just as crucial for children to comprehend. For example, the parent may guide their child on using a pretend credit card or explain that five dollars for a single apple is not a good deal. In their 2007 study, Vandermass-Peeler et al. examined spontaneous numeracy interactions in parent-child pretend play, finding that parents emphasized teaching their children societal and contextual money concepts, such as the value and spending rules, over direct numerical skills like counting and adding the bills (Vandermass-Peeler et al., 2007) Considering that the children in this study were four years old, this suggests that parents, at least at that age, were more concerned about the societal concepts of using money rather than what the money represented. Children at that age would be in the preoperational stage of Piaget's cognitive development, so they already have the cognitive capacity to understand that the bills and coins have a value assigned to them and what they mean in a larger context. Thus, parents might not have felt the need to explain or teach them basic numeracy concepts with money. Instead, the parents can use this opportunity to teach their children sociocultural contexts in which money is utilized, such as deals, bargains, and how to use a credit card (Vandermass-Peeler et al., 2007).
Allowance
One way to develop children's understanding and usage of money is by allowing them to handle it in their own way, such as giving them an allowance. Allowance is one of the many cultural factors that partially help develop children's financial competence. There are implications that allowances affect children's spending habits, as exhibited by Abramovitch et al. (1991). They studied if allowance moderated children's spending habits when given a credit card or cash. Children who received an allowance spent a similar amount whether given a credit card or cash, while those without an allowance tended to spend more. In addition, younger children who were given an allowance were better at predicting the prices of items than young children who did not receive an allowance. However, the difference becomes smaller as the child grows older (Abramovitch et al., 1991). This indicates that those who were given an allowance inferred some level of money competence, further implying that early financial competence can benefit their understanding of spending. Children will soon develop financial literacy when allowed to be responsible for their money earlier, leading to better development towards concepts like budgeting. Overall, this study indicates cultural factors within the household or the family, not just outside environmental factors, that can lead to differences in financial literacy.
Conclusion
The interaction of money talk and math talk in early childhood is quite vast and much of it cannot be covered in one article. There are so many factors that can affect the child’s numerical skills and math skills. Money talk is just one of the many aspects that can influence a child’s number sense.
Once we understand how money talk can influence children's money skills, we can develop interventions or suggestions to better promote their financial knowledge and behaviors. There has been a lack of programs, classes, or interventions in formal education or informal settings that introduce and develop children's financial literacy, leaving them woefully unprepared once they leave their parent's house and start their financial independence (Drever & Quest, 2021).
In conclusion, the various studies discussed here highlight the multi-faceted nature of money talk in children and its impact on children's overall development and in promoting financial literacy. These findings express the importance of early interventions for promoting children's financial literacy and money management skills. Fostering conversations about money in children's lives can provide them with the opportunity for hands-on learning and equip them with the necessary knowledge and skills to navigate the world.
References
Abramovitch, R., Freedman, J. L., & Pliner, P. (1991). Children and money: getting an allowance, credit versus cash, and knowledge of pricing∗. Journal of economic psychology, 12(1), 27-45.
Beverly, S. G., & Burkhalter, E. K. (2005). Improving the financial literacy and practices of youths. Children & Schools, 27(2), 121.
Eason, S. H., & Ramani, G. B. (2020). Parent–child math talk about fractions during formal learning and guided play activities. Child development, 91(2), 546-562.
DePascale, M., Prather, R., & Ramani, G. B. (2021). Parent and child spontaneous focus on number, mathematical abilities, and mathematical talk during play activities. Cognitive Development, 59, 101076
Drever, A. I., & Else-Quest, N. M. (2021). Financial literacy among children: Supporting the achievement of financial well-being in adulthood. In The Routledge handbook of financial literacy (pp. 18-30). Routledge.
Duong, S., Elliott, L. E., Sidoti, O., Bachman, H. J., Libertus, M. E., & Votruba-Drzal, E. (2024). Money Talks! The Role of Parents’ Discussion of Money for Preschoolers’ Math Knowledge. Journal of Numerical Cognition, 10, 1-19.
McNeil, N. M., Uttal, D. H., Jarvin, L., & Sternberg, R. J. (2009). Should you show me the money? Concrete objects both hurt and help performance on mathematics problems. Learning and instruction, 19(2), 171-184.
Thippana, J., Elliott, L., Gehman, S., Libertus, K., & Libertus, M. E. (2020). Parents’ use of number talk with young children: Comparing methods, family factors, activity contexts, and relations to math skills. Early Childhood Research Quarterly, 53, 249- 259.
Vandermaas-Peeler, M., Nelson, J., & Bumpass, C. (2007). "Quarters Are What You Put into the Bubble Gum Machine": Numeracy Interactions during Parent-Child Play. Early Childhood Research & Practice, 9(1), n1.
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