7 Tips For Parents To Make Their Kids Financially Literate

Talk About Money Openly

Dont be afraid to discuss money with others. Respond to their inquiries, be truthful and age-appropriate, and promote candid conversation.

Open a Savings Account

Get your child a kids savings account to introduce them to banking and the beauty of compounding interest.

Real-World Example

Involve your kids in routine financial decisions like supermarket shopping or bill payments. Explain basic concepts like budgeting and credit card usage.

Saving for Goals

Promote saving for certain objectives, such as a vacation or a new toy. Together, monitor advancement and commemorate significant anniversaries to emphasise the value of saving.

Allowance & Chores

Teach your children the value of hard-earned money by tying allowances to tasks. As your youngster becomes older, start with smaller amounts and increase them.

Needs vs. Wants

Assist your child in distinguishing between necessities and transient desires. Talk about budgeting and responsible spending to rank the most important purchases.

Start Early & Make it Fun

Children as young as three can understand the fundamentals of money. Make learning interesting by using games, piggy banks, and terminology that is appropriate for the students age.