Times have changed a lot now and there is nothing new about teaching your children about sex or money at a young age. But, the question is when do you impart financial knowledge to your kids. This article deals with that subject plus how to do it.
A majority of children born in the 90s or 80s had little knowledge about handling money. At that time, parents gave money to their children only to buy some snacks or toffee, without teaching them about money. Children kept the remaining money in a piggy bank to buy something big they wanted, and my son still does.
But, I understand that it is very important for me and other parents to start teaching our kids about money when they are still small. This would help them become money-wise and avoid doing mistakes when it comes to saving or spending money.
Today’s children have easy access to good, free tools for learning about the worth of money.
Unlike the children of the previous generation, children now have the ability to make significant savings and become financially secure at an early age.
Ankit Gera, who jointly founded Junio, has a different take on whether this makes today’s children smarter than earlier generations’ children.
There are also various apps, such as Junio and Birdfin, that may be used to help children learn about money management.
Gera’s company also provides the Junio Smart card, a viable medium for teaching pre-teens and teens about saving, spending, and budgeting through a series of exercises.