Logic tells us that children are immature and therefore may not be the best idea to let them manage money.
Do you agree?
I am in absolute disagreement over this belief. My belief stems from the following reasons/observations:
- Children in this age are so much more intelligent and mature
- Children will prosper and blossom if given the opportunity and guidance
- Children may not be the immature party with money. Adults can be as immature
- Sow a seed in their life so that they can be good stewards with the money
Personally I grew up being very careful with my money. Am not being a stinge but because am taught to manage my money carefully. I did not come from a rich family and therefore it is essential for me to learn to save. In the event of me needing money (for studies per say), then at least I am prepared to some extent.
The only setback was I was not taught or shown how to grow my money. My parents being from the old school only practises work hard and save your money. The rest of it is another story.
Teaching children about managing money though is not as simple ABC, it is not rocket science either. The best way to teach children about money is being a good testimony/example ourselves. Piggy banks and children can become best friends, a good tool for parents to use to being to teach the basic money management principles of getting, saving, spending and sharing money. As children are not born with "money sense.", they learn by what they see, hear and experience.
Blindly giving children money without educating them on the value and importance of managing them is not helping them. It’s like giving someone fish but not teaching them to fish. Involve your children when you draft your budget, make payment for bills, analyze your investments, etc.
Financial education and Financial awareness is one of the best gifts or legacy you can give to your children.
