We have been acquiring financial skills by a trial and error method. It is time we initiate a change and consciously groom our children to become educated earners, consumers, investors and positive contributors to the society. But where does one go for help in this area of education? Schools have not yet included it in their syllabus. There is neither private tuition nor are there any hobby classes or sanskar kendras to help kids be money wise. One cannot even trust the otherwise ever educating and supportive grandparents for this, as they still have problem coming to terms with the process of inflation.
When it comes to money, till now it has been an observational learning for children. Even now it all boils down to parental mentoring or role modelling as far as money management goes. Given this fact, where do parents start? As a matter of fact, this can be done totally by the way. I suggest, visit your regular places and do the routine activities like shopping, banking with your child – only this time, empower your child to lead it. How?
Start with a simple shopping experiment. Refer the Smart Shopping checklist given below, with your child. The checklist addresses the child and not the parent as it is meant to be a guide to the child during the experiment. You may need to help them understand the process at first.
Children older than 7 years are capable and often enthusiastic to lead this experiment with little help from you. You should walk along with them and may ask a question or two. For children 4-7 years of age – do this experiment together. Prompt your child to make a decision by asking questions and checking the steps during the shopping experiment.