Financial Literacy Basics
Why teaching your kids about money is important?
Money isn't the secret to happiness and shouldn't be the sole goal in one’s life. But having money problems can often make it feel like the most important thing in the world. Teaching children how to work with money, how to make it, save it, and spend it wisely, can alleviate money problems before they begin.
Good habits come from practice as well as trial and error, and can lead to a bright future. Having good money habits means that when your children start to earn money they will have practice and clear direction about what to do with it. Knowing how to save, spend, invest, and give are all parts of good money management and will ensure that whatever they decide to do, your children will have control over their money and their lives.
Physical money is in decline, and how we experience commerce today will not be how our children experience it. Crypto currency, credit cards, internet and mobile banking are things that they will deal with on a daily basis. While simpler tools like debit cards, transaction/chequeing accounts, and ATMs can all be used more wisely if we know how to exploit them.
There are fun and easy ways to learn the tools and habits that help us become self-sufficient and responsible money-makers and managers. When we've got our finances under control, we can focus on our passions and have more time to do what makes us happy.
Read our blog for more insights and information, tips and tools on how to teach your kids about money.
Want to Know What to Teach Your Kids About Money When?
Here's a simple guide that looks at age groups and the types of money concepts that are helpful to discuss with your child,