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One of the greatest gifts you can give your kids is to be responsible empowered adults around money. Most parents talk to their kids about savings at an early age, imparting them the wisdom of savings and its importance. Even then, most parents tend to think it’s best for the children to receive their financial education once they are of an appropriate age.
Indian parents tend to leave their children a lot of money as inheritance which, contrary to their thinking, will only harm the children without any financial education. Children are known to be most receptive when they are between 5-12 years of age. So it would be advisable to start their financial education in these years itself, when it still is education and not a task they need to accomplish. As they grow, they can learn more complex concepts. This way the children will be prepared to take big money decisions as adults.
Parents often keep children away from money matters and hide any financial problem they may be facing from children. While they do this in the belief that they are protecting their children, it may not have the desired behaviour.
Financial education should start at an early age and can be easily made part of daily life. You can start teaching in small ways by gifting a piggy bank to a young child. Encourage your kids to save from their pocket money. Explain to them the difference between want and need. The best way to educate your kids about banking and banking tools is by opening an account in their name. Take them with you to the bank to teach them how to deposit money. Familiarise them to banking tools at an early age like cheque book, passbook, ATM card, and account statements.
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