![]() ![]() Financial literacy is relevant to all youngsters, regardless of gender or career choice.It's easier to learn when young and ingrain good money behavior, which then becomes hardwired and second nature to the kids. It's building their mindset it's discussing tough financial situations, it's helping them understand how money works and preparing them for making better life decisions, most of which are predicated on money." Here are her tips on how to build financial literacy: "Financial literacy is a lot more nuanced than that. "Teaching youngsters to spend money, even if they do track their spending diligently, isn't financial literacy," said Marilyn Pinto. "Teenagers need to have this knowledge it's something they shouldn't be leaving for college without." Important factors to focus onįinancial literacy is more complex than giving children pocket money and expecting them to spend it sensibly. "That is when they can relate it to real life and understand the different concepts of personal finance," she said. Meanwhile, financial expert Marilyn Pinto, Founder of KFI Global opined that between the age of 8 and 10 was a perfect time. It is crucial to initiate these conversations early and consistently integrate them into your family's routine." "Starting early in teaching kids about financial literacy yields numerous benefits. "Numerous experts concur that it is never too early to introduce children to the topic of money," he said. ![]() There is no definitive answer to this, as per Vijay Valecha. They are less likely to fall into debt and more inclined to save for their future." When to start financial literacy? Children who acquire financial literacy early on tend to make better financial choices as adults. "Equipping them with the necessary skills to manage money wisely will set the stage for their financial success. "Incorporating financial literacy education into your children's learning is a vital investment in their future," said Vijay Valecha, Chief Investment Officer, Century Financial. Why teach financial literacy?Įxperts say financial literacy is a life skill that must be taught, especially to children. With credit cards and loans becoming readily available and overspending becoming a real problem, experts are advocating teaching children how to deal with finances at an early age. Squirrel is just one of the many platforms teachers and experts use to help children's financial literacy. I think I could top my class if I am careful over the summer." Now, I am very high up on the leaderboard. ![]() I made it a point to pay off the bills first. I had also defaulted on some of my bills, again making me lose points. So, every day I would transfer some money. "I could earn more points by transferring money to my savings and emergency accounts. "I stopped buying collectibles and started paying off the debt," he said. The Grade 6 student soon realised that he had to change his ways. "I had no savings or emergency funds and trailed behind on my class leaderboard." "I was spending $800 collectively on the mansion and sports car weekly," he said. He earned points for every payment and purchase, but there was a limit of two daily transactions.ĭuring the initial few months, he splurged on a mansion, a sports car and a host of collectibles. From the remaining amount, he could choose to deposit in his savings and an emergency fund or spend on whatever he wanted. Using that, he had to pay three bills- education, transportation and rent. He was allocated 2,000 Squirrel dollars every week. Eleven-year-old Zayaan Arfaz learnt how to be careful with his money the hard way when his teacher signed his entire class up for the fun financial literacy website Squirrel. ![]()
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