The downside of the 21st century is that it has become more difficult to create your own financial future compared to previous generations. With a globalised economy and increased access to information, you can easily make money anywhere in the world, regardless of your education or social status. This is a great opportunity for everyone to be involved in the world of finance, but only if we teach our children about finances from an early age!
This article helps you understand why financial literacy should be taught from childhood up through young adulthood and what positive benefits it could have on our youth. Read on as I’ll discuss why financial literacy is good for children.
Financial literacy provides households with a competitive edge by equipping them with the tools to manage their money. Financial literacy translates into a competitive edge in their relationships and the world of work. It promotes confidence, helps people make better decisions, prevents conflict in marriage and family life, teaches people skills that cannot be taught in school and gives parents a greater degree of control over the future of their children. In short, financial literacy for kids helps parents give their children a better shot at success!
Why Should You Teach Children About Money?
I’m sure you’ve heard it before: “Money talks. And everything else walks” and it’s true. You cannot sustain a sustainable life without having enough money in your bank account. Money is the main source of motivation in the entire world and most people work hard to earn it on a daily basis, but how many of us know what to do with it once we get it?
Even kids today are bombarded with money advertisements. Children are shown a great life full of happiness, fun and no problems if you just have enough money. Ironically, it is all fake: television ads, billboards and magazines only show you the positive side of things and never bother to mention the responsibilities that come with financial freedom.
There is no reason why children should not be taught about money because it is their future. Teaching kids about money will help them to avoid getting scammed otherwise they may fall into debt trap. The good thing is that you can teach kids about money at any age and it is not a difficult process at all.
While the amount of knowledge that you should provide your kids about finance depends on their age, there are certain things you should always tell them when it comes to money. Teach them about the value of money, how to count it and pay them for their chores. When kids feel like they are earning money, they become more responsible with it and this is a major plus when you want your children to grow up with good financial habits.
Encourage your kids in their money habits! Tell them that saving money can be fun and rewarding. When they understand what saving means, it will help them develop a better sense of responsibility when they are adults.
If you want to teach your kids about financial literacy then i will recommend you to checkout Upsurge. Upsurge is the best platform in India which teaches about different aspects of financial literacy.