For me, it's just like sex ed - I want my children to have courses on it at school but I also know that I've got to teach it at home so that we can explain our family values, morals, etc. that are not the school's responsibility to teach. And, just like with sex ed they're going to learn it somewhere. I don't want my son to learn about money from people who can't handle it or want to take advantage of him (i.e. credit card companies, predatory lenders, consumer credit counselors, all of the other money traps, etc.).
I want my son to have basic finance courses in school - it is such a huge part of life and understanding how a society functions.
But, the majority of his financial knowledge starts at home at a very young age. We do not give an allowance. He doesn't get paid for regular chores (neither do I or DH). He has opportunities to do age appropriate extra jobs around the house to earn money. He already understands we have a budget and we stick to it (for the most part
). He doesn't pitch fits at the store when he wants a toy and we tell him no. He knows that we don't have the money in our toy "jar" right now and if he has money in his spend jar (he keeps his money in jars right now) he can buy it. If not, we wait.
He's 4.5 right now. As he gets older we will probably do something similar to an allowance to help him learn more responsibility with money. For things like his clothing. Instead of us buying it for him we'll give him the money and he can spend it on the clothes he wants. If he splurges and buys one pair of jeans for the school year then that's it. He can either wear them every day or he can save his own money to buy a second or third pair. Letting him learn these lessons while he is young will enable him to take care of himself when he is older. I do not want him to have credit card debt and troubles when he graduates from college.
Don't let DH stick his head in the sand on this issue. It is so important for parents to start passing along this life skill when the kids are small. They understand a lot more than we give them credit for.