Teaching your child how to knit is a skill for them to use through their lifetime. If you can not knit yourself, there are ample you tube videos to follow.
Knitting encorpoartes maths, reading, comprehension skills, critical thinking, responsibility, focussing, and improves fine motor co-ordination.
I like to follow the Waldorf way of teaching knitting. I like to make a story so the children can characterise the knitting needles and yarn.
My childrens first knitting projects are a usually a scarf, all done in knit rows.
Start off with a cheap acrylic from your local hobby store, so they dont get disheartened, then move on to soft wool. (Be careful as some children find wool too itchy)
Have fun knitting with your children!!