Some say it is important for parents to teach their children about the importance of money. Why and how should they do it? Include examples from your own experience.
In today's world, children are often pampered with luxurious gifts like iPhones, iPads, branded bags and etc. It is no doubt that children somehow lost the ability to understand the importance of money. Hence, parents play a crucial role to educate them on this.
It is important for parents to teach children about money because it involves heavily in our daily activities. For instance, money is used when you want to purchase an item or render a service. In this case, children need to be educated on their financial management, so that they can avoid unnecessary spending. Apart from this, they should also be made aware of the difficulty of earning money. By doing this, they would eventually understand that things do not just come easily for them.
There are several ways to educate children on financial management. For example, parents can attend seminars on wealth management program with their children in presence. With this, children could obtain basic knowledge on money management like budget versus actual spending. On the other hand, parents can also be the supporter and advisor for their children on choosing a relevant and legal part time job. By committing themselves in a job, they will soon find out that earning money could be uneasy too and thus be wiser when it comes to spending.
As a conclusion, I believe parents should take opportunity to educate their children on the importance of money. It does not just help them in managing it wisely but it also poses a sense of responsibility in them when they decide how they are going to spend it.