Teens should be made financially literate. It’s said the things learnt early remain lifelong, then why not good financial habits. At fourteen children should understand issues such as, budgeting, debt, savings and credit cards. It’s a good id…
Teens should be made financially literate. It's said the things learnt early remain lifelong, then why not good financial habits. At fourteen children should understand issues such as, budgeting, debt, savings and credit cards. It's a good idea to open bank account for them and allow them to operate it themselves. Parents should deposit their kid's pocket money in bank accounts, which the kids can access as and when required keeping a track of their expenditure.
Basic money management skills will make children financially mature to handle worse situations comfortably. Parents can also make bill payments in the presence of their kids. They will learn to review credit card bills and bank statement in the process. Exposing teens to financial newspapers and journals always help. They learn the difference between tax payment and tax refund early.
Understanding the importance of savings should be one of those habits carried into adulthood. Earning is easier then saving. The earlier your child understands this concept, the more time they will have to practice and analyze ways to reach their goals. Most credit card companies target college students because they want inculcate in them the habit using credit card early. So, it makes sense to teach youngsters the consequences of purchasing in credits.
It's important for kids to have success by achieving their savings goal. So, parents should create a plan for saving and help them to achieve it. Every stage of a child's life offers an opportunity to learn valuable skills and strategies that can last a lifetime: moreover, financial literacy can help them avoid many common financial pitfalls.
I hv an idea
We should give some work to our younger brothers & sisters, if they can complete then they will get rewarded as pocket money....through this way they could understand the value of that amount.
nice idea @[597416:Aman45] bt its not enough, we should teach them the basic terms of banking and money management.
ya @[585476:radhika85] u r very much right, the current scenario is too bad !!!
you wouldn't believe that a 10-12 years boys/girls carry 2000 to 3000 Rs in their wallet every time; they must understand the value of that amount.
@[597215:Chandu.Baba]
I amn't agree with your point (10-12 years kids carry 3000 Rs in their wallet)
If they deposit the amount in bank still they can use it via Debit card,
Yes, a child should be taught the value of money and the effort which goes in to earn the amount. As age has got nothing to do with maturity, a child of 14 is good enough to learn the importance of a well laid future.
Regards,
Chinmay
School of Inspired Leadership
@bibs.mba said:
Teens should be made financially literate. It's said the things learnt early remain lifelong, then why not good financial habits. At fourteen children should understand issues such as, budgeting, debt, savings and credit cards. It's a good idea to open bank account for them and allow them to operate it themselves. Parents should deposit their kid's pocket money in bank accounts, which the kids can access as and when required keeping a track of their expenditure.
> >Basic money management skills will make children financially mature to handle worse situations comfortably. Parents can also make bill payments in the presence of their kids. They will learn to review credit card bills and bank statement in the process. Exposing teens to financial newspapers and journals always help. They learn the difference between tax payment and tax refund early.
> >Understanding the importance of savings should be one of those habits carried into adulthood. Earning is easier then saving. The earlier your child understands this concept, the more time they will have to practice and analyze ways to reach their goals. Most credit card companies target college students because they want inculcate in them the habit using credit card early. So, it makes sense to teach youngsters the consequences of purchasing in credits.
> >It's important for kids to have success by achieving their savings goal. So, parents should create a plan for saving and help them to achieve it. Every stage of a child's life offers an opportunity to learn valuable skills and strategies that can last a lifetime: moreover, financial literacy can help them avoid many common financial pitfalls.