Training FROM HOME
Children frequently learn by observing their parents, learning about our opinions and paying habits. What matters most is what we transmit to our children at home and the principles we put them to practice in daily life.
I take the time to explain to my kids how e-wallet accounts, such as credit cards, debit cards, PayNow and EZ-Link accounts, operate, putting emphasis on the need to have enough money in the bank account to use our cards and avoid late fees and debts.
My father and my modest lifestyle, where we emphasize merely purchasing things when necessary rather than things we simply wanted, are also picked up by my kids. We talk with our ladies about prices and the value of particular payments. They have been encouraged to reconsider their choices as a result of this strategy before investing in expensive stationery or style items.
We can help our children learn how to navigate both the physical and digital worlds of money by fostering economic education through daily activities and engaging in open dialogue with them.
In the end, it’s about instilling values of duty, prudence and informed decision-making that will guide them throughout their life.
Vivian Teo is a freelance writer, children’s book publisher and proprietor of a parenthood and lifestyle website.