We bought this for my 3 year old to supplement his homeschool curriculum. It truly does teach responsibility (with the parents' involvement, of course) and my son loves to see the magnets lining up on a perfect week.
We had already started paying him an allowance to teach him the value of money and how to tithe and save. This helps us keep better track of whether he is earning his allowance each week.
Melissa & Doug products are so great. We love the sturdy construction and colorful graphics. It is made of wood (all the pieces are thick wood and magnetic) and weighs quite a bit. It comes with two blank white responsibility labels for making your own.