give your child money sense...habit of being achievers, under-/over-achievers group oriented –...
TRANSCRIPT
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Give Your Child Money Sense
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Understanding Money Understanding Yourself, Your Rights
and Responsibilities
Managing Money to Live Within
Your Means Planning Ahead
Selecting Financial Products
DEVELOP YOUR CORE FINANCIAL CAPABILITIES
START YOUR FINANCIAL PLANNING
Step 1: Identify your short-term and long-term
needs / goals
Step 2: Know what income or savings you have
to meet these needs / goals
Step 3: Manage your income or savings to help
you manage your daily expenses, as well
as to reach your goals
MEET YOUR FINANCIAL GOALS Manage your cash flow
Buy a home within
your means
Provide for your life insurance and
healthcare needs
Have sufficient
income for life
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Content
Objectives of this Workshop ............................................................................... 4
Part A – Why? ...................................................................................................... 5
Activity 1 .............................................................................................................. 6
Part B – Who? ..................................................................................................... 7
Activity 2 .............................................................................................................. 8
Part C – What ...................................................................................................... 9
Part D – When ................................................................................................... 10
Activity 3 ............................................................................................................ 12
Part E - How? ..................................................................................................... 13
Activity 4 ............................................................................................................ 15
Money Management Concepts ......................................................................... 16
Part F – Where .................................................................................................. 22
Activity 5 ............................................................................................................ 22
Appendix A: FAQs .............................................................................................. 23
Appendix B: Teachable Moments and Money Sense Lessons .......................... 24
Appendix C: Tips to Successful Financial Education ......................................... 26
Your Personal Notes .......................................................................................... 27
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Objectives of this Workshop
1. To help parents kick-start their child’s financial education, as key influencers/educators
2. To equip parents with simple, practical, effective, age-appropriate
strategies to kick-start the education
Learning Outcome
A Why The need and significance of children’s financial education
B Who Parents – in the best position
C What What is Financial Education?
D When Teachable moments
Age-wise, developmentally appropriate money sense
E How Simple, hands-on strategies for parents to kick-start their child’s financial education
1. Piggy bank
2. Pocket money
F Where Place where financial education should take place
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Part A – Why?
The need and significance of children’s financial education
I. Children, today, see money very differently than their parents did as
children.
1. Money as an abstract concept
a. Credit/Debit cards
b. E commerce- earning, shopping, banking, investing
2. Easy Access
a. Money
b. Information/ Media
c. Loan
3. Access and convenience of shopping
II. Choice
4. Wide Choice
a. Lots of options/ opportunities
III. Influence of Media
5. Media Frenzy
a. Young people view more than 40 000 ads per year on television alone
b. Kids are getting older younger – KGOY – a new marketing term to
describe the influence of youngest children these days on family’s
purchasing decisions and their brand knowledge.
IV. Social and Economic Issues
6. Peer pressure, guilt, stress
7. Affluence
“Kids are spending more & more money but understanding less and less about making
good financial decisions. The outsized appetites created by aggressive marketing
during childhood and adolescence quickly sink kids into deep financial trouble when
they start living on their own”. – David Walsh, author – NO! Why children of all ages
need to hear it and ways parents can say it!
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The ability to make right financial choices is an important life skill. It is the key to
identifying and making best of the myriad opportunities that the new world has to offer.
Financial Education is Financial Self-defence!
Activity 1 Journaling questionnaire Child’s money and media
habits
This is for your own understanding of your child’s current money habits. It will help
you get the best out of this program. Please tick/ circle your answer for the following;
1. Child’s age (in years): 3-6 6-9 9-12 12-16
2. Has your child handled money on her own? (age appropriate definition on
slide)
Yes No
3. Does your child ask questions (direct/ indirect) about money, brands or
advertising?
Yes No
4. Do you see your child demanding material things
All the time Regularly Once in a while Rarely
5. How easy is it for you to say No to your child’s material demands?
Easy Difficult Impossible Embarrassing Guilty
6. How do you find talking to your child about money?
Simple Complicated Confusing Intimidating Unnecessary Tough
7. Do you consider yourself/your spouse as a good role model with money for
your child?
Yes No Can’t Say
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8. If your child is below 9 years, does your child have/had a piggy bank?
Yes No
9. Does your child get a pocket money/ allowance, especially if he/she is over 9
years?
Yes No
10. On an average how many hours does your child access social media or watch
TV daily?
<1 1-2 2-3 3-4 >4 Not sure
Part B – Who?
Parents are children’s best financial educator
3 key sources of Financial Education
1. Educational Resources
Governments and Educators world over have taken this initiative to build
resources for financial education for children.
Financial Educational resources are available online
2. Training and Practice
Schools around the world (supported by Governments) provide training in
different aspects of financial literacy.
MoneySense, Singapore’s own Financial Literacy initiative promotes and
helps schools towards this effort.
3. Influencers
Surrounding people
o Family
o Teachers
o Peers
Media
Government and schools are doing there bit towards giving children financial
education. They can at best impart knowledge and to extent skills. However, the
other key aspect which determines the decisions one makes – the attitude, can only
be imparted by someone in a strong position to influence – Parents.
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Parents as child’s best financial educator
1. As a role-model – of the values and skills you wish to see in your child
2. As a moderator – of resources and influencers
3. As an initiator – of skills training and practice
4. As a mentor
Activity 2 Financial Education Parents’ Viewpoint
List 3 financial lessons/ abilities/ values you think are key to thrive in current times
What can you do to help your child acquire them?
List 3 financial vices you think are key concerns in current times
What can you do to discourage your child from acquiring them?
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Part C – What
What is Financial Education?
Education is the process of facilitating learning, or the acquisition of knowledge,
skills, values, beliefs, and habits.
Financial Education is the process of facilitating learning or the acquisition of;
basic knowledge about, the concept of money, its role in our lives, how it works
and the terms or processes associated with money.
money management skills,
healthy financial values, beliefs, and habits
that would eventually lead to Financial Freedom!
Financial Freedom in the simplest terms refers to a state where one does not need
to work for money to lead a decent life.
Financial freedom is achieved, not through fat pay checks or secure careers, but
through proper financial habits and planning.
FINANCIAL EDUCATION IS AN IMPORTANT LIFE SKILL
FINANCIAL EDUCATION EMPOWERS CHOICE, HELPS WISE DECISIONS
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Part D – When
When are the teachable moments in a child’s financial education journey?
Financial Education Strategy
ASK – attitude, skills and knowledge
Age wise – developmentally appropriate money sense
Age group Developmental stages* Teachable moments
3- 6 years
Exploratory age/ questioning age
Absorbent mind
Desire to make choices for themselves
Developing personalities
Demand independence
Parents call this a ‘problem age’ due to demanding nature of the child, and as ‘toy age’ as toy play is at its peak now
Enjoys repetition
Can do basic counting
Understand and differentiate between needs and wants.
Making choices
Counting coins and notes
Piggy bank deposit discipline – a coin a week
Accepting and Coping with a NO
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6- 9 years
Gang age &
Creative age
Reasoning mind
Age of conformity (peer influence)
Critical period in achievement drive
- a time when children form the habit of being achievers, under-/over-achievers
Group oriented – like to work together.
Parents call this a sloppy age
- Rather careless about their material possessions
More time spent at school.
Growing fundamental skills of reading, writing and calculating
Learning to delay gratification
Money basics – what is money, various forms of money, where money comes from, paying bills
Identifying and categorising coins/ notes by their denominations
Piggy bank deposit discipline – a coin a week
Making change
Spending and Saving
How savings grow?
Currencies
Responsibility – taking care of your belongings
9-12 years
Gang age &
Creative age
Reasoning mind
Developmentally, As above
Money wise, a key phase of transition
- Demonstrating financial values, habits learnt earlier
- Understanding financial responsibility
- Pocket money routine begins
All the above
Understand work –pay connection
Interest, dividends, profits
Budgeting
Smart Shopping
Banks and savings
Record keeping
Empathy
Enterprise
13-18 years
Transitional stage (between childhood and adulthood)
Increase peer-group influence
Development of conscience
Abstract thinking
All the above
Goal setting
Investments
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Entrepreneurship
Credit card
Loan and repayment
* Developmental Psychology (Hurlock) & Montessori Approach
Activity 3 Key elements of your child’s financial education
To be filled in by the parents.
A
S
K
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Part E - How?
Hands on – real money sense
1. Piggy Bank as a Prep-tool
a. Recommended for children under 9 years
2. The Pocket Money Routine
a. Recommended for primary school children and above
Before starting – 3 important rules for Parents
1. Both parents agree on the need to give money sense to the child.
2. Both parents will be mindful to give consistent and not conflicting messages.
3. Parents will practice what they want to teach their child. As a role model.
1. Piggy bank as an effective preparatory tool for financial education
(Recommended for children 3-9 years) It will serve as a simple yet effective preparatory tool for financial education of
younger children.
When to start
Where to start
How can it be
used as a prep
tool
When a child enters preschool (age 3)
Gift your child a piggy bank and show how to put a
coin in it.
Explain how, when you put the coin in, the piggy
keeps it safe ti l l when you need it later.
Teaching simple money concepts and ski l ls –
1. What is money?
2. Recognizing money – currencies & denominations
3. Saving = collecting
4. Saving discipl ine / habit
5. Using money - Sharing / giving, Spending
6. Delayed grat if ication
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What is Money? Children these days, don’t often get to see physical monetary transactions. Piggy
bank allows them to see and handle money. Can be given whenever you have
change to very young children, and at a regular interval to school going children (5+)
1. Recognizing money – currencies & denominations As children start putting coins in their piggy, they may sooner or later show interest in differences – size, shape, texture, number on the coin, picture, language (if you give coin from another currency from your travel).
This is a good cue to have a basic money talk;
Money as a medium of exchange and store of value
2. Saving = Collecting At a young age (under 6), children will gain a simplistic understanding of saving
as collecting coins in the piggy. Then gradually, the real essence of saving can
be taught as money;
Collected
Set aside for future use
Accumulates if saved regularly
3. Saving Discipline
The act of ‘depositing’ a coin regularly (every week or every day) in the piggy
bank will introduce and develop in children the very important financial habit –
saving discipline. This is an amazing way to illustrate the concept of saving and
bring in the discipline even in really young children. Besides, you could show the
power of saving everyday by showing how much the child has collected over a
month. This would encourage the child to stay committed.
4. Using money – sharing/giving, spending Over a period of time, (on special day – child’s birthday), get your child to open up
the piggy bank and take stock of the saving.
This is a good time to let children use ‘their’ saving.
Suggest that it will be great if your child shares/ gives a part of her saving (buy a
gift for grandma, buy a treat for best friend or even better share it with someone in
need). Inspire, don’t force.
Good way to introduce:
1. Dollars & Cents
2. Heads & Tails
3. Special coins /
commemorative
4. Foreign exchange
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Allow your child to get something that she’s been asking for herself from her
saving.
Reinforce the power of saving
5. The very powerful lesson of delaying gratification! Delayed Gratification is a key life skill (The Marshmallow Experiment - Stanford
Research)
Delayed Gratification is the ability to resist temptation of a smaller, immediate
reward and wait for a larger or more enduring reward.
Piggy Bank can be a starting tool to teach children this important skill.
Saving a coin in piggy every week for later use is more rewarding than using a
coin now!
6. Other related, teachable skills
Counting coins
Converting coins in notes and vice versa Making change
Activity 4 The pocket money discussion
Pocket money as an effective financial education tool
(Recommended for child who starts formal education)
What is important?
How much?
How often?
Chore-linked? Or Allowance?
Parents role?
Child’s responsibility?
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Pocket money routine will serve as a lab setting for children to learn about
budgeting, earning, spending, saving and investing wisely, while building on all the
values learnt in earlier stages.
When to start
Where to start
A good age to start a pocket money routine is when
the child begins formal education . By this age the
fundamental ski l ls are well established and a
reasoning mind is developing.
Start by –
- giving a f ixed pocket money. Older children/
teens may earn additionally through a vacation
job or part-t ime work,
- Recording and accounting can be introduced
- Sparing 15 minutes in a week and be patient
- 5-step pocket money routine.
Parent and child would play an equal role in the
beginning. Once ready and routine is set, chi ldren/
teenagers can take over the routine responsibil ity
with parents being available for a review as and whe n
required.
Money Management Concepts Concepts Basic Advanced
Income Allowance
Gift
Earning
Work- Pay
Entrepreneurship
Borrowing/ Loan
Saving Saving discipline
Saving first
Banks
Bank Accounts
Interest
Goal Setting
Spending Needs/ Wants
Ads/ Packaging
Smart Shopping
Prices
Discounts
Cash/Debit cards
Credit cards
Sharing Gift
Donations
Volunteer Cause
Raise Funds
Budgets
Accounts
Supply and Demand
Goods and Services
Inflation
Cost of Living
Tax
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5-Step Pocket Money routine
1. Allowance/ Income
Giving children real money to manage is the first step in helping them pick up financial competence/ skills. Their income could be in the form of a regular allowance, their micro-profits from their enterprise or their earnings from a simple vacation job/internship or a combination of all the above.
Besides real money to manage, they would need real experience in spending & saving and guidance from patient adults. This involves letting them learn from their spending mistakes, involving them in value buying, explaining how you run your household budget and answering their money related queries/ doubts.
Allowance Essentials:
1. Fix an allowance payday. It would be simpler to start with a weekly allowance.
2. The amount will depend on the age and needs of the child and so also on the
responsibilities linked with the allowance.
3. It is wise not to link the allowance to good behaviour or homework completion
or even to rude or irresponsible behaviour. It is better to keep disciplining
separate from the money management lessons.
4. Allowance may or may not be linked to child’s contribution in household duties
or chores. There is no right or wrong here and depends highly on parent’s
viewpoint.
Allowance/
Income Allocation Spend
Save
Invest
Recording /
Accounting
Review
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a. Experts who believe in keeping the two separate argue that linking it to
chores may trivialize child’s contribution in housework and demotivate
him/her from being a responsible individual in the family.
b. While those who recommend giving pocket money as a compensation of
work done at home by the child, argue that this will establish a work-pay
linkage in the child and give him a total money sense.
5. Running a simple enterprise during their vacation like a lemonade stand, a craft
store, a drawing class, etc could prove to be an insightful exercise in
entrepreneurship. Similarly working during school vacations, especially for
older teenagers could prove to be a great learning experience. Such an
exercise generally proves helpful in inculcating values such as dignity of labour,
discipline, responsibility and value of money.
Allowance/ Income is a first step but it cannot be the only one. A proper plan
chalked out mutually by the child and the parents and a little timely intervention
from the parents during the week will help take the money wise learnings to the
next levels.
2. Allocation Money is not just to spend or just to save. Money management is about ‘using’
money wisely. Allocation is a tool to manage money in the best possible way.
Allocation means to assign – for spending, saving, investing and sharing!
Money wise, it means to plan beforehand how to use the money. This can be done
by identifying categories, dividing the allowance into various portions and then
allocating an appropriate amount to each category.
Allocation props:
It’d be easy for the child to have a concrete tool, a prop for allocation. Here’s a list
of some possible tools;
1. Jars
2. Envelopes
3. Pocket file or an old photo album with photo pockets
Take 4 jars/ envelopes/ pockets of a photo album and put money in each according to the categories mentioned here. You can allow the child to divide his money in whatever proportion he wants, at first. This can help you start a discussion and get an insight into how she is thinking.
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Below is an example of allocation of allowance;
Jar Category Allocation - % of Allowance
Recommended Child’s
1 Long term savings or Investment
15
2 Short term savings 25
3 Sharing 10
4 Spending 50
a. Long term savings or Investment: This is towards investment, an arrangement for contributing to the child’s long-term requirements like funding education, starting business, buying home or even a bike etc. As your child gets into her teens, like many others, higher education through quality schools/ university would be a key priority. Through this portion your child will get an opportunity to contribute towards this important goal and with that will come a sense of ownership as well. It is recommended to put this part into a safe / ‘faraway/ inaccessible for now’ place like a savings account. This will expose her to banks and banking and also
bring about a savings discipline that would be very
important in her adult life.
You can encourage your teenager to evaluate various investment options and guide her in making her investment decisions. Teenagers till 18 years of age can invest as a minor, with a guardian in fixed deposits, recurring deposits or as a joint holder in a mutual fund or even shares. Post 18 years, they can invest on their own. Take this as a risk-free opportunity to expose your teenager to the rewarding world of investments. They will learn the power of compounding and how money can grow with time, if invested. b. Short term savings:
Good way to introduce:
1. Bank
2. Savings/ checking
account
3. Investment
4. Bonds
5. Mutual Fund
6. Entrepreneurship
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This one is for short-term goals like roller skates, basketball, books or even
indulgences like a fancy toy, games, DVDs, iTunes.
This is a very subtle yet powerful exercise in
delaying gratification as your impatient child/
teenager will have to show restraint till she has
enough money in her jar/envelope to buy what she
wants.
c. Sharing/ Charity: Of the 4 categories, this is the one that will bring you and your family the most pride and joy. This part of your child’s allowance would give the child an ability to help contribute to causes she finds important and this can be tremendously empowering for the child. This also gives children an opportunity to look beyond them and explore their mind beyond the regular. This act of sharing would help them develop empathy and be sensitive to their environment. d. Spending:
This part should take care of the regular spending - the ones that you entrust your child to assume responsibility for. This could include things like fashion, extra toys/ games, eating out with friends, movies and entertainment etc.
Resist the temptation to bailout your child if he runs out of his ‘spending money’ before the week ends and wants more.
This discipline and rule, will help children and teenagers learn the fundamentals of financial education in a risk-free way.
This should be used to bring about relevant concepts of credit card purchases, as sooner or later, your teenager is bound to be chased by credit card companies. Discus credit cards and the benefits and the watch-outs that she must keep in mind before getting one.
Good way to encourage:
1. Delayed Gratification
2. Need or Want
3. Saving discipline
Good way to encourage:
Empathy
Good way to encourage:
1. Smart Spending
2. Needs and wants
3. Responsibility &
accountability
Good way to introduce:
1. Loan and Credit card
2. Interest on loan
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3. Actuals – invest, share, save, spend Once the allowance has been allocated, a more challenging part follows – to follow
the plan diligently, week after week, with every allowance. Though this step is the
test of the child’s discipline and execution skills, it can at times test parents’
patience as well. The challenging part for the parent
here is to stay out of the child’s decisions, unless
asked for. The most important part of financial
education is to let the child own his/her decisions
at every step. Having given the freedom to choose
within a broad plan, you will see how responsible even
your teenager behaves. Besides, you always have a chance to give advice/opinion
at the end of the week, when you sit with the child to review the week’s experiences
& learnings.
4. Accounts
Writing an account means being accountable. Keeping a daily record of ‘where
money comes from’ and ‘where it flies’ is a good habit that
will go a long way even in adulthood. The child can keep
a daily account of income & expenses and balance to
check her money wise performance. These ‘financial
documents’ will be your aid to track the child’s decisions
and review her performance.
5. A Review
This step is parent’s opportunity to help their child learn
(according to your financial education objectives) from their
weeklong experience with pocket money.
In a few weeks into this pocket money routine, your smart
child would herself figure out what worked or what went
wrong during the week and what should be the plan of action
for the next week. Parents’ in a support role, to help the child
articulate learnings and to reinforce her next steps to better the performance for the next
week.
This pocket money routine should be consciously followed - parents will have to initiate and
follow up for the first few (4-5) weeks. Once it’s picked up, you can just sit back and watch
your child grow in experience, math skills (yeah, that too) and be financially fit.
Good way to introduce:
1. Budgeting
2. Record keeping
Good way to encourage:
1. Commitment to
following the plan
2. Execution discipline
Good way to encourage:
1. Reflective observation
2. Performance analysis
3. Accepting Mistakes
4. Learning
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Part F – Where
Where should I teach my child financial lessons?
Anywhere and Everywhere. Make financial education a way of life and be as
natural as possible when talking about money. The most valuable lesson is often
taught by parent being a role model. Children observe how their parents and will
unintentionally pick up the same attitude parents have towards money. Involve
your child/children in simple financial decisions; such as grocery shopping,
deciding on the place to eat etc.
Activity 5 Financial Education Parents’ Action Sheet
Please list your 3 key takeaways from this workshop
What are the 3 financial lessons you’d want to give your child?
Which money sense tool/ idea did you find immediately relevant?
1. Piggy Bank 2. Pocket Money 3. Both 4. None 5. Other (Please specify)
3 actionable steps you’d take after this workshop
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Appendix A: FAQs 1. Q: Is it necessary to talk to young kids about money? Will it not corrupt their
minds? A: It’s extremely important to education children on money. Kids all ages, are bombarded by continuous marketing messages on TV, social media, billboards and amongst friends. Financial education from a young age is the best self-defence. Catch them young else someone else will.
2. Q: What is the right age to start my child’s financial education? A: Each child is different, children will show their readiness for financial education at different ages. The rule of thumb that parents can follow is when a child shows any or all of the following:
a. Makes specific demands in stores/shops or under peer influence. b. Identifies brands in store or on billboards, in magazines or on the
product c. Ask for specific brand of product – toy, clothes, shoes etc d. Shows interest in advertising, merchandise e. Ask questions about / related to money – shows interest in money
3. Q: Is there a recommended way that is effective? A: The most effective way to achieve financial education is to “lead by example”; parents are role-model what they want to see in their children. The other effective way is to let children learn by doing – handling real money through pocket money or allowance.
4. Q: Both parents are busy. How can we make the time for his / her financial education? A: Step 1 - Take time to think through your own financial values and attitudes and set objectives for your child’s financial education. Activity 3 in this workshop will help you articulate the objectives. Step 2: Spot the teachable moment and follow strategies from this workshop that will help you achieve financial education by the way during your day to day living.
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Appendix B: Teachable Moments and Money Sense Lessons
Important Lessons Teachable Moments
1 Smart Shopping - Needs vs Wants - Shopping list - Shopping Budget - Discounts
Involve children in household supermarket / produce/ grocery shopping, in an age appropriate way. At all ages, talk your steps to them as you shop. Ages 3-6 – smart shop with them in tow. Ages 6-9 – Have children read out and check your shopping list as you go together through the supermarket aisles Age 9-12 – Get them to brainstorm and make the list with you. Then go about shopping together as per the list. Casually discus the experience after shopping – while driving back/ at home. Age 13+ – Swap roles. Allow them to lead the shopping experience – making list (as per needs vs wants), working out shopping budget, shop.
2
Saving and bank - Setting money
aside - Visiting bank - ATM - Cash/ Bank/ Credit
cards – related misconceptions
- How money gets in the card?
- Piggy Bank - Take them along when you next visit your bank - When withdrawing cash from ATM, take your child
along and explain how the money got in there (ATM) and what you’d use the money you just withdrew.
- Many kids have misconceptions about the ‘hole in the wall’ (ATM) dispensing cash. Answer their questions, clear their doubts.
- Show them how you plan and put aside (save) money to buy something big later.
- When shopping with bank card/ cash card/ credit card, do involve kids and take time to explain them that these cards are all different ways you’ve stored money and when you pay by card, you are actually paying money that you have already deposited in the card or money in your bank account.
- When going for an EzLink or NETS top-up, take your child along and explain her what you do.
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3 Sharing / giving
- When buying gifts for others - School events – contributions, social service,
charity drive, donations - Family act of giving to less privileged
4 Currencies - Travelling abroad - Exchanging currencies at airport - Using local currency at destination
5 Enterprise / work-pay / Entrepreneurship
- Where money comes from at home - Mom/ dad’s work – pay - Vacation jobs for older teens
6 Delayed Gratification
Involving children in simple activities around the house are excellent exercises to build and practicing this important skill; - Baking together – waiting till the cake is ready - Gardening – patiently waiting for seeds to sprout or
plants to flower - Teaching them difference between needs and
wants - Saying NO and knowing when you need to say NO!
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Appendix C: Tips to Successful Financial Education 1. Bring in the discipline! Set an allowance routine with the child – Set the
allowance amount and frequency along with the child. Lay down her rights and responsibilities towards the given amount. Review her allowance management performance during the allowance cycle.
2. Catch them young! Explain how you run your household budget – Inculcate
the values and habits of planning and sticking to a plan. 3. Demonstrate! Involve her in value buying – Explain what are price, quality and
value. Actively bring about how and why you shop at a particular time, store and for a particular brand of any item through conversations while shopping.
4. Encourage ‘hands-on’ learning! Let her learn from her own spending
mistakes – Let her shop on her own and learn from her own mistakes (take a cue from our Smart Shopping checklist given further). While you spend, avoid any shopping mistake yourself. If you do any, accept it. Remember - Child sees, child does. This establishes that it’s human to make mistakes but it is wise to admit them and learn from them.
5. Drive ownership! Help her set and track her saving goals – Let her wait for her
desires and then buy them on her own through her savings from allowance. It’s fun to learn value of money and delay gratification this way.
6. Talk, as a matter of fact! - Include money, investments, banking and economy at
the dinner table conversations and bedtime stories. 7. Feed their curiosity. Help them learn! Answer all her money related queries and
doubts with relevant anecdotes if possible.
8. Make a smart shopping list. List what you need and prioritise the items in the list. List what you need, the things that you must have and your wants separately. Ask yourself if you will value the item/object after a week, a month or a year.
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