At this age, you can teach your kids an in-depth understanding of savings accounts and compound interest, and, in later years, introduce them to financial instruments like stocks, unit trusts and other investments.
Encourage them to budget their personal expenses, and engage them in real-life experiences like shopping trips, allowance management, and saving for specific goals.
Encourage entrepreneurial and work opportunities for earning money. Setting up a bank account for savings and responsible spending can be an empowering experience for older children.
Once they turn 18, you can encourage them to use their allowance to start their own investment accounts with your guidance.
Instill Critical Thinking Skills
At the age when peer pressure and FOMO (Fear Of Missing Out) take center stage, guide your children to critically decode the world of advertising and marketing – engage them in conversations about how financial choices impact their goals and values.
Equip them with the superpower of recognising persuasive tactics so they can navigate through the pressures unscathed.
With this knowledge, your kids can confidently make savvy spending decisions, steering clear of the allure of owning the latest of everything and staying true to their own financial path.
