The other day I was passing by Hamley’s (I am aware every parents dreads this walk) and my 4 year old son ecstatically screams “mom I need to get that super-hero set”. I responded, “you don't NEED TO, you just WISH YOU could have it. You're wish will be granted for your birthday”. To that he responds “why cant you get it now” . My reply “i am not carrying money for it now and you have a room full of toys, so there is NO NEED for more”. His jet-set response was “use your credit card”. I was shocked, What does a 4 year old think a credit-card is? A magic card to swipe away?? I most certainly had a fitting response to offer him.
On that note I have a few questions to pose. Were you taught how to manage money as a kid and make responsible spending/saving decisions by your family? Or did you just figure things out with time? Did your school have a special subject on personal financial management? I wish we did . Most of us went to schools that focused on academics and fell terrible short on teaching us how to manage our personal health, wealth and stress. Raising financially savvy kids means to be intentional about teaching them concepts on saving, investments, spendings, budgeting and planning. Our parents probably never taught us this and now stepping into the ‘parent shoes’ it can be an overwhelming task for us to attempt teaching the same. So, where do we begin?
I was interested to learn that UAE has a first of it’s kind ‘Money Savvy kids program’. The courses are presented by trained professionals and covers a broad range of money matters. I had the privilege to meet and learn more about the program from founder Marilyn Pinto. I was so impressed by the concept and the value it adds, hence decided to enroll my oldest for the same. Now, my 8 year old is one who has a need to be engaged and has to have interesting content delivered to him , or else you’ve completely lost him. He got back from his first day of ‘Financial Literacy course’ and was on a roll talking about his learnings, the fun atmosphere and he also brought home a piggy bank he made to carry on his interactions/learning at home. He looked forward to attend the courses every Saturday mornings at ‘Up Town School’. (they do offer courses in other locations too)
I understand that parents are the biggest influence on children's financial learnings. However, what other tools can we offer to make our kids financially capable adults. Kids in this day and age are juggling a number of after school activities and coaching. Have you ever considered an after school coaching for kids on finance? It could develop a strong foundation for life-long financial competence. If you ever consider (i would strongly suggest all parents to consider) a financial education program for your young ones, then ‘Kids Finance initiative’ comes highly recommended to you. So glad i found them.
For more info on the program follow :