Walk into any school, regardless of the part of the world, and the focus is generally channeled on three fundamental disciplines: English, Maths, and Science, which are undoubtedly essential to a child’s academic progress; nonetheless, hardly is any attention placed on learning vital life skills like how to create a good CV, how to change a flat tire or anything that can be taught at a much younger age like financial literacy.
One of the definitions of financial literacy is the ownership of knowledge as well as an understanding of financial matters which typically is employed to talk about personal finance matters and enables a person to appropriately consider their choices before making decisions touching investments, savings, insurance and so on. Although some educators push for the addition of learning of financial literacy within the academic setting, most of the time, the view of teaching a child about how to use money wisely and appropriately falls to parents and guardians at home. But some parents admit failing to teach their kids about how the use of money, as they don’t have the confidence; however, if you find yourself in such a position, bear in mind that you hold the experience and standpoint essential to impart a good sense of financial literacy into your kid, allowing them to learn lasting skills that could be necessary to their success down the line.
So how do you execute that? The best time to begin teaching financial literacy when your children are young. The earlier you start, the better. That assists them to understand the relationship between making money and spending it, as well as saving it, imparting them with knowledge about the value money holds. You can start this at home by aiding younger kids to count coins, or even by playing shop – utilizing actual money to purchase items around the house, therefore, schooling kids about the value of various objects, and working on their math skills by working on addition and subtraction.
Another great idea would be having your child paying for the things from your purse the next time you are shopping at the store, again displaying to them the value of the things you need to purchase and letting them calculate what value each coin holds and how many you ought to pay. Well, it will be a little slow at first if it’s your little one’s first few attempts. Therefore, we wouldn’t advise doing this if you are in a very long line; however, be patient, and you will undoubtedly reap the rewards of their financial literacy soon.
With advertising targeting kids through gaming, computers, phones, and magazines, among other platforms, kids are spending more money than any other generation before them. And that is one of the essential reasons for learning to start at an earlier age. As your little one walks through life, the significance of money will always be present to question if they have made the correct decision or not. So be sure to begin their financial literacy training at home do that they are in the path to success and have a stress-free future.