UAEX Money
Executive Function And Finances
Research indicates a link between executive function and financial well-being (The Journal of Consumer Affairs, Spring 2015). Childhood is an intense time for cognitive development. One type of neurological growth is executive function.
We are all born with the potential to develop executive function skills such as working memory and self-control. These skills develop rapidly during childhood. Higher levels of executive function relate to better math, language, and financial management skills. Parents can take action to help their children develop executive function.
Here are a few examples of ways to help your child practice executive function skills:
- Baby – finger plays and conversation
- Toddler – songs with motions, matching/sorting games
- Preschooler – song games, imaginary play, storytelling, puzzles
- Elementary – board games that involve strategy, Simon Says, singing in rounds, organized sports, learning to play an instrument
- Adolescents – planning an activity or event, setting goals and planning action steps, sports, yoga, music, theater, computer games, strategy games, study skills
Discover more ways to enhance your child’s executive function: Enhancing and Practicing Executive Function Skills with Children from Infancy to Adolescence. Center on the Developing Child, Harvard University. http://developingchild.harvard.edu/resources/tools_and_guides/enhancing_and_practici ng_executive_function_skills_with_children
Read the full article: Foundations of Financial Well-Being: Insights into the Role of Executive Function, Financial Socialization, and Experience-Based Learning in Childhood and Youth. Drever, A.I.; Odders-White, E.; Kalish, C.W.; Else-Quest, N. M.; Hoagland, E. M.; and Nelms, E. N. The Journal of Consumer Affairs, Spring 2015, 13- 38. http://onlinelibrary.wiley.com/doi/10.1111/joca.12068/full
For research-based information about money management visit www.uaex.uada.edu