If children do not receive proper guidance and cultivate the wrong habits in their youth, they risk missing out on opportunities and making costly mistakes as adults.
It is more crucial than ever to equip our children with essential skills and tools to navigate complex financial waters.My parents gave me a Stamps Savings Card from POSB. Each stamp cost S$0.50 and collecting 20 stamps in a month would get me an additional S$1, on top of the saved S$10.
In an uncertain economic climate, I cannot stress enough the importance of teaching our young ones the importance of money. It has come to light in several recent surveys that many Singaporean youths and adults lack financial knowledge. From the tender moments of observing their parents’ spending habits to getting their very own pocket money and deciding what to do with it, children’s early experiences with money lay the foundation of their evolving relationship with it.1. GIVE THEM OWNERSHIP TO HANDLE THEIR MONEY THEIR WAY
Parents could even go further to introduce some chores from which their children can earn extra allowance, such as cleaning their room or organising their books and toys. Through this, they will learn about both money and housework — definitely icing on the cake! And although at times we wish we could replace screens with a ball of yarn or a good book, the shift presents a chance to introduce children to products that can cultivate healthy financial habits.
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