In the digital age, parents cannot afford to neglect the crucial responsibility of teaching their kids about managing money.
Ester Ochse FNB Wealth and Investments Product Specialist says whether it’s a billboard on the way to school, lifestyle images in a magazine or social media images of their favourite celebrity or idol – children can access information which may give them a misguided view of how money is ‘easily’ earned and how it should be used.
“Once a child has pre-conceived ideas of how money management supposedly works, it may be difficult for parents to entrench their preferred principles. Hence, it’s important to start the money conversation very early in a child’s life,” says Ochse.
There are practical ways to help your children get to grips with managing money:
“Teaching kids about managing money needs to be a practical exercise instead of a conversation once in a while. This way, the awareness becomes a part of the child’s life and they start adopting the same principles in other areas of their lives,” concludes Ochse.
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