Building a financial education foundation for your kids begins at home.
Take a quick moment to think of the many financial mistakes that you have made. Our question for you is this: would you like for your child to go through those similar mistakes? We’ve all made some costly mistakes when it comes to money, be it fundamentals such as not developing healthy saving habits, impulse buying or more costly ones such as investment mistakes or falling for scams. If you take a trip down memory lane and begin to reflect on the reasons why we made all those financial mistakes, most if not all of us would arrive at the conclusion: “No one taught me about finances!”, and that conclusion would be true!
Most of us would have gone through the earlier half of our lives without any finance-related learning. School syllabuses today only provide financial education at the academic level – teaching business, economics and accounting. But when it comes to personal finance, we fall short even when it comes to practical skills such as budgeting. As a result, when we enter into society as a young adult, we basically enter into a financial battlefield unarmed, stumbling and failing, and learning costly lessons as we go.
Here are some reasons why we believe home is the best place for financial literacy to begin.
1. Home Is Where The Habits Are
We all develop our earliest and longest-lasting habits at home. Whether it is the way we squeeze toothpaste or the way we relate with money, these are habits that are developed young and at home from our parents.
The key to financial success is based around healthy financial habits. Talk to any financially-successful person and you’ll find out that they are able to make smart money-decisions because they have smart money habits. Healthy habits that last a life time are not easy to build, they are set on strong foundations that takes years to lay down, this simply means that for these habits to be built, the best place to begin is at home and at an early age where parents still hold great influence over a child’s learning a development.