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How to raise a financially literate child?

Individuals
04.11.2021
How to raise a financially literate child? - photo - mtb.ua

Ukraine has been celebrating World Savings Day for several years in a row, and MTB Bank traditionally devotes materials to this holiday, from which you can learn best ways to save or the way to behave correctly so as not to be left without savings.

Here are some tips for parents – how to raise a financially educated child.

Age: 4-7

It is time to explain to your child the essence of such a phenomenon as money. For example, tell him/her why you go to work and how much you need to work to buy ice cream or toys. Look at banknotes or coins together. Tell about electronic money. Turn it into a game - your descendant will love it. 

 

Age: 8–10

Gift a piggy bank and tell a story of a "ten percent" rule. First, the child will start understanding such an important concept as the interest, and secondly, he/she will throw a tenth of pocket money or a gift into the piggy bank. In addition, this is the very time when you need to start shopping - pay your child's attention to prices so that to compare the price tags in different stores. We also recommend that you issue a children's card so that your child gets used to cashless and personal money management skills.

Age: 11–13

Your child is already grown up enough to have an idea of the family budget. Make lists of income and expenses together. Note: the child must realize that income is not just a salary! And expenses can be constant (utility services) and variable (recreation). And already start talking about taxes. It hurts somehow, but it is what it is - life J

Age: 14–16

It is time to talk to your children about investing in education, about the personal financial plan, and try to convey an important message: impulse purchases do not lead to good. We all must learn to endure. There is no money where the bustle is.

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