Do you remember the first time you received pocket money from your parents? The first few times, you may have found it difficult to manage. Usually, children make the mistake of spending all their money at the beginning of the month and by the end of it, have nothing left.
Managing money is an important life skill that children should learn. With the advancement of technology, many monetary transactions are done online or with a credit card. As a result, children may not get to experience cash transactions often and may actually be less aware of money than we were at their age, because of the lack of concrete experience with it. Learning about how to think about money, manage it wisely, spend in proportion to income, set savings goals, are life skills that will help our children become financially responsible.
Some questions that may be on your mind are probably:
- “Should parents discuss finances and how to manage savings with their children?”
- “What is the appropriate age to start having such discussions”
- “How should these topics be approached?”
At Ekya Schools and CMR K-12, we understand these struggles. To help you navigate these discussions with your children as well as other parenting challenges, the team at Ekya Schools and CMR K-12 have put together an online course called Informed and Engaged. The course is on Powerschool and we publish a new module each month. Each module is differentiated by age group, as we understand that children of different ages have different needs. To find the course, please log in to your child’s Powerschool account and click on the class titled “Informed and Engaged.”
As part of this course, we have prepared a module on Financial Literacy. It has been designed with the belief that giving children the experience of money management from early on helps them habits that can have a lasting impact on their financial capability later in life. The module has various age-appropriate tips and tools that parents can use to explain the value of money, teach them about savings and help them develop healthy financial habits. The module shares some curated resources selected to help parents to get a better understanding of Financial Literacy for children.
You are welcome to share your feedback with us through the feedback form embedded within the module.