Money is a very important aspect of our lives, as parents and guardians it is our responsibility to teach our children the value and importance of money. According to research children begin to learn and understand numbers and the purpose of money from age two onwards, which is why is not a surprise that the government I of England in 2014 introduced financial education as a compulsory course in the secondary school curriculum.
As parents we can all bear witness to the fact that our children learn a lot from our daily activities especially when it comes to what we buy from high street shops and from the supermarkets to our homes. Children gradually observe and learn about the purchase of important household items and how to save for future occasions such as Christmases and birthdays.
Parents giving pockets money to their children is a way of teaching their children how to value and handle money. It is considered the child’s first step and experience towards managing money in a way they think it’s best for them. Parents should not forget to teach their children that the best way to have money is to earn it in a respectable and responsible way.
According to many parent they instil this value in their children by encouraging them to partake in activities in the household that benefits the whole family. The children are assigned various tasks to work on and when they successfully complete them they are given a reward in a form of pocket money.
Teaching your children how to handle money does not only make them responsible but boost their confidence as well. Children always need a helping hand to build a good foundation for their future and we can all agree that having a good financial education from parents whom children often see as role models will go a long way in shaping their financial life.
Indeed life can be very busy and household expenditures a bit too high but it will be in our own interest and the interest of our children future to make time and put aside a bit of money as pocket money for the children in order to help them build up this aspect of their lives at the very early stages.