This is similar to the thinking behind Robert Gardner's children's book 'Save Your Acorns', a parable for the modern day in learning the importance of saving, compound interest and philanthropy. As the book says, the young squirrels "learn the importance of saving, how to share and what happens when you plant your acorns".
Speaking with FTAdviser for a podcast on forming good money habits, Mr Gardner, who is director for investments at St James's Place, says: "There are three things I teach young people about long-term wealth creation - you need to earn it, you need to keep it, and you need to grow it."
He says it is important for young people to understand how to budget, how to understand tax and how to understand one's spending.
"Our money habits are formed by the age of seven", he says, explaining that even small steps in budgeting and "gifting their future selves" money through saving is an important lesson to learn.
Moreover, he says it is important to show young people the long-term value of investing, with the compound effect of tax-efficiency and growth over time, as this shows people what they could be achieving over 10, 20, 30 years even by taking simple steps.
While compound interest and pound-cost averaging may not be easy concepts to break down for younger children, showing in numerical and graphic form the long-term effect of growth from putting a little aside each month can make a significant impact.
According to Annabel Brodie-Smith, communications director for the Association of Investment Companies, even £50 a month in a regular savings account, invested into the markets, can work in the investor's favour due to pound cost averaging.
"A lot of people are investing for their children or themselves and it does add up. Investing like this into the average investment trust for just over 18 years at £50 a month means you could end up with over £34,000."
Getting this across to young people and helping them to see the way money can accumulate and grow is the best foundation-stone for their adult lives, enabling them to live financially independently, or at least with the knowledge they need to get on track.
Jason Green, head of workplace research for FTRC/Benefits Guru, says: "Go back to basics. Teach children what income, expenditure and debt are - these are the three key principles.
"Teach them what a bank loan is, show them how interest rates work. Get an app that the parent can manage but the children can see on their smart device and show them how to budget and look after their finances."
