All accounts show that we are more a spending nation than we are a saving one! We can also add indebted to that description, not just as a nation but also at the level of the household. We operate a budget busting lifestyle with loads of unnecessary luxuries; and guess whos watching and wanting the same thing(s)? Our children! We are in deep … deeper than any of us are prepared to accept in un-rewarding financial habits. If we dont endeavor to break this cycle as a society now our children will more than likely imitate us when they become adults.
We all agree that our children deserve more, yet we are not doing half as much as we can to give them a fighting chance at being fiscally responsible in their adulthood. In fact, the way we are setting their cards up, they either lose or draw. They simply cannot win because they have little to no concept of what it will take to achieve their own financial security in the future.
Interventions from all angles are needed to break this cycle in our nation now, within the home, at school and in society. Furthermore, the task of giving our children a fighting chance at being fiscally responsible adults is a task that requires collective involvement. No one grouping can do this alone, all of our input is required, teachers, parents, corporate stakeholders, leaders and non-governmental organizations.
That brings the discussion to this next crucial point. Imparting these values require us knowing them! But do we know enough about the basic principles of money management, budgeting, saving, etc in our own lives to teach and impart them to our children? If no, this is the time for us adults to also become financially literate. Do not hesitate to ask questions and/or request discourse…you too must do something about your own state of financial literacy if you intend to make a difference in our childrens financial future.
Our children are counting on us to guide them on a path that will lead to their holistic development and well have no excuse to give when they grow up lacking this value system.
A child who has been exposed to saving and banking in the formative years of his/her development will more likely have a positive relationship with money in their adulthood than a child who has no exposure to concepts of money or savings and is unbanked (not saving). Our children also deserve to be financially literate and absolutely need to be coached from early about this topic.
As a nation we have a major decision to make about our childrens financial future; do we want our children to win, lose or draw at being fiscally responsible in their adulthood? Which outcome are we banking on as nation?
Sharryn Dawson, Author, Money Basics For Kids. Financial Literacy For Children. Your Childs Guide To Understanding Money & Entrepreneurship W: http://www.moneybasicsforkids.com or E:info@moneybasicsforkids.com.
“If what were doing is not game changing, its not going to change our reality.” — (S. Dawson)
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