Journeywithmoney has been touching on adults’ financial planning and also various ways of value investing in the previous year. In a recent article on Childhood Education related to Inequality, we realised the impact we can bring to adults if we talk about financial literacy at an early age.
While the article does not dwell deeply in to finances, various articles related to childhood education has pointed to one area. The area of having an entitled mindset in Singaporeans. We take this opportunity to quote several other websites such as The Pride.
In an recent article, the shocking title reads
“Tyrant toddlers: We’re raising a generation of entitled children and it needs to stop”
You can read the details here. The article discuss on the why children are now behaving this way. By providing or over providing children we are actually giving them a signal that it is okay to be feel entitled.
Another reason is that we are having smaller families, so parent will focus all their attention to that one child. Let’s ask ourselves one question.
Is this the best for them?
Will children grow up having the same resilience as us or will they be the next batch of strawberry generation? While these are issues that are fairly demo-graphical in nature, we can always think of how to overcome such issues.
After some research, we discovered that the best approach to change this comes from understanding both the behavior of the parents AND children. While there could be many fundamental and emotional issues that needs to be addressed, one thing that must be mentioned is the area of finances.
Just spend a couple of minutes thinking, does a child know how to do simple budgeting? Now think about this instead, do most adult APPLY the concept of budgeting? If they do, why are some of them in long term credit card loans or debts.
Education starts from Young
We find that there is a lack of financial education for children. Most of us dabble into finances once we get our first paycheck. That is when we are around 18 years ago. By then, some of us will have learnt bad spending habits. It is common to see that most young people do not have saving or even not enough money at the end of the month. (Get educated by going for Financial Wizardry)
We want to change this. We want to start educating the young about simple financial literacy. These are the few we have identify and what most parents tell us.
- How to budget so you won’t ask for more pocket money?
- Earning money is not easy
- Inflation will come in the next 10 years
- Money is not evil but the love of money is evil
- Saving money so that you can buy the toy you want yourself
- What is a bank?
What are some of your ideas? Do share them in the space below. As parents, what do you hope your child can learn? We hope to hear from you.
Bonus: How the rich teach children about money.