Some people 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.
educate children about the significance of money
Beyond doubt, in this competitive world, money is the essential factor to lead a comfortable lifestyle. Similarly, it is highly important to educate children about the significance of money for their future endurance. Some people advocate that it is the sole responsibility of the parents to provide adequate knowledge about money to their offspring. In my opinion, I too believe that the parents are the best suitable person to guide their children in a better way to learn about money management.
First of all, certainly, everybody wants to provide a better life to their children, despite their struggles and financial status of their own individual life. In such scenario, parents hold the responsibility of not only earns and save money for their children, but also to help them to understand the same strategy to exercise on their own. Because of various reasons children should be made aware of money management effectively. For example, in this competitive world, there are numerous opportunities available to earn money. However, lack of clear perspective to save and utilize that earning will ultimately end-up in poor financial situation, which may also lead to acquire debts as well.
Nowadays, there are various options available to encourage young minds to use money efficiently. First, given them the pocket money regularly and ask them to save it a piggy bank. Secondly, allow them to spend those savings, in order to meet their basic requirements such as toys and stationery items. Therefore, it is easy for them to distinguish the difference between their needs and wants. Finally, help children to be aware of maintaining their own bank accounts which is in common these days. For instance, POSB bank in Singapore introduced Kids savings account where there is no minimum balance to maintain and good interest rate for their savings in order to encourage children to learn about money handling capability.
In conclusion, I strongly support with the view that the parents should take lead on the offspring to teach them about the significance of money in their life and various ways to manipulate the same in a fruitful manner.