When children can talk in sentences, parents can begin working on the first three concepts. The concepts of borrowing and sharing require an understanding of math and the ability to see things from another's viewpoint. These skills don't fully develop until several years into elementary school. For this discussion, financial concepts are meant in the most generic sense. Earning refers to how children receive money.
Spending refers to the way children decide to use their money.
Saving refers to money that children set aside for some future use. Borrowing means that money can be obtained for use in the present, but must be paid back in the future with an additional cost. Sharing means both the idea of sharing what we have with those who are less fortunate and obligations such as paying taxes, which are required of everyone. When parents provide intentional learning experiences related to these concepts, children learn practical skills and knowledge and a perspective about money that is based on the family's values and beliefs. These tasks should be unrelated to tasks for which children are paid.