Financial Management won’t be taught in school until the child is in the university studying something related to this. Even for basics in financials, subjects like Business Studies, Economics and Accounting etc. won’t be taught until the secondary educational level. However all these courses and subjects are all theoretical.
Does your child spend everything given to him or her at once without thinking, or in bits but still finishes it all the same? Or are you of the opinion that they needn’t save since you are working and as ‘good parents’ should be there to provide everything for them.
Do you think he or she is just a ‘little’ child and that they will understand what savings means in the nearest future as she/he grows?
Hmmmm…You might be wrong!
Values are deposited in the lives of these young ones on a daily basis and financial management should be one of the values that should be taught as soon as the child can identify items and ‘differentiate his/her right from left’.
Until you consciously instill that value in your child, your child will remain ‘owo dun na’ (meaning a fabulous spender) as I stylishly tease some of my friends.
In our earlier post on goal setting at the beginning of the year, we encouraged parents to add the development of their children to their yearly goals, and financial management is key at a very tender age.
Even when your child can ‘save for the Olympics’ and earn a medal, do they have the understanding of what they are doing or are they just obeying your orders?
We need to make them understand that every little kobo counts, and that everything is not to be spent immediately.
Let me ask you…the money your child gets from your friends and family members, who keeps it? Who spends it? Who keeps record of how the money is being spent?
Is your child’s piggy bank indirectly yours or really his/hers? Are your children aware of their bank accounts? Are they familiar with their bank details and are the details theirs truly or you are just saving for ‘your’ rainy days? Even if you are, you should let them know. So many questions to be answered but the main one is this :Is your child financially educated and at what age do you think its most appropriate to have them educated?
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