Money management lessons should start at home
It all boils down to education, and education starts at home (Is your child smart with money? KT, Sept 17). However, it isn't the case. It's a competitive world. Teaching children to manage money is not easy, especially with the dynamic world of financial markets and parental anxieties about financial resources. But as a parent, you should teach your child how to use money and make wise decisions. Some parents might be giving pocket money to their children at a very young age which is great but as parents it is imperative to keep an eye on where and how they are spending.
Discussions on money management should be kept cheerful, free, and matter-of-fact. Childhood is the appropriate time to learn about money while parents are able to provide the learning experiences that will benefit them in years to come. Teaching the youth about money is a privilege as well as a responsibility. Parents who don't indulge in such an exercise at an early age could pay for that mistake later in their lives. All it requires is a little bit of understanding, patience and knowledge.
- Mathew Litty, Dubai