Financial literacy is an extremely crucial skill that you, as a parent, should make your child aware of. It is going to help them manage their money better and will lay a strong foundation for concepts like saving, spending and investing. Financial literacy is often left out in a traditional educational system’s curriculum. As a result, it becomes important for parents to make their child learn about some basics of finance so that they grow up into mature beings who would know how to make their money related decisions.
Following are some ways parents can teach their children about financial literacy.
To start with, you can give your child money to buy food from their school canteen to be able to keep a check on their expenses.
Help them understand the cost of things which can make them value money more.
Pamakid has extremely thoughtful and intelligent games and tasks that can help your child learn about finances and money management. You just have to sit with them and give them a nudge.
Piggy banks are a great start for kids to learn about investing. They will cut down on their expenses and would want to collect money.
Take them to the supermarket with you for grocery shopping. Let them know your budget and show them the list containing the items that you wish to buy.
If your kid hands you over a list of things that they want, try not to buy them everything. Ask them what it is that they really need and let them decide.
Once you see them actively taking part in finances and asking you questions, introduce them to the world of investments. Start with FDs and gradually make them aware of different investment instruments.
Encourage your children to learn about money, irrespective of their age. They can grow into financially responsible people who make wise decisions with the proper guidance and skills. The easiest way you can do this is by investing your child’s time in Pamakid. The app is not only going to help your child increase financial literacy but will focus on their holistic development. It is one of the smartest things you can do for your child.