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Muppets to teach children financial literacy

A push to teach children financial literacy is hitting the airwaves as Sesame Street puts Elmo in charge of teaching children how to manage money through a series of videos.

The perpetually three-year-old muppet, Elmo will host the videos using the catchphrase, “Even a muppet knows how to save money,” M.News.com reports.

The financial literacy lessons cover subjects that preschool audiences can relate to – ice cream and the zoo.

“Elmo helps his mom with the laundry and he puts the money she gives him in a piggy bank," Elmo says in one of his Talking Money skits, M.News.com reports.

“During Sesame Street's four decades we have tackled a lot of issues but not much on money, until now," the series’ producers said, M.News.com reports.

Elmo's financial lessons will only be aired in the United States, although Australian viewers are able to watch the show online.

University of Wisconsin-Madison professor emeritus Karen Holden, who advised "Sesame Street," said that preschool is the best time to lay the groundwork regarding personal finance because it is about making choices, suppressing immediate urges, assessing opportunity costs, budgeting resources over time and accepting financial risk, the ChicagoTribune.com reports.

"Development of self-control becomes central to making choices," Holden said, according to the ChicagoTribune.com.

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