It’s Time To Talk About Money With Your Kids

Financial literacy is the ability to use knowledge and skills to make informed decisions related to money management. When it comes to literacy – the ability to read and write – is a fundamental part of the education system, financial literacy is often left out of the equation. Financial literacy for kids ensures that your child is educated on the best way to manage finances from the very beginning. It is a way of securing their future, helping them spend wisely at all times.

When it comes to teaching children the skills they need to develop a strong foundation for life-long financial competence, parents are usually unsure about when and where to start the conversation. Like other important topics, money is something that kids will hear about outside the home – at school, camps, sports practice and at friends’ houses. While it may sound harmless, but kids can get the wrong message about money by getting information from their peers. For example, your child might hear a classmate say that rich people are lucky. If your child believes that wealth is a result of luck, what motivation will he or she have to handle money responsibly? It’s important to clarify at a young age that most wealth is not a result of luck – that most people work hard and make smart decisions to “get rich.”

By providing accurate information, introducing ideas, sparking interest & awareness, you can help empower your child to take control of their financial lives. Children need to discover the relationship between earning, spending and saving. In doing this, your child will begin to understand the value of money. Initiate with simple money concepts such as counting coins and making small purchases to learning about savings account and creating a personal budget.

The key is to teach a concept and let them try on their own, even if it means spending a little extra time at the toy store while your child painstakingly counts out coins from their piggy bank.

To help you initiate this conversation with your child, watch out for a webinar with us on the same in January. Why this workshop? Well

 It will help your child discover the relationship between earning, spending and saving

 It will make your child understand the value of money

 This workshop will prevent your child from developing a wrong attitude towards money or finances

REGISTER NOW!

Keep watching this space for more information. All the best! 🙂