Teaching children the value of money

Are you teaching your children how to save?

Research has shown that young people develop an attitude towards money early on, and by teaching them basic money lessons promptly in life, you will be helping them to develop a culture of saving in the long run. Follow these easy steps to ensure that their children become responsible consumers:

• Teach your children about the value of money by involving them in household budget discussions; let them understand costs and how they can help to reduce those
• Teach them how to earn their keep by allowing them to earn pocket money for their chores
• Teach them the difference between ‘wants’ and ‘needs’ by taking them with you to do the monthly household grocery shopping

“Saving towards a financial goal can be a great challenge as it involves identifying the goal, future planning and a firm amount of discipline. Whilst seen as an uncomfortable topic, the subject of money should be embraced and viewed as a part of your children’s broader education with an effort towards empowering them to become lifelong savers and investors,” Matthew Hunter, Head of Savings and Investments at Absa Retail Banking explains.

For more information on how Absa Savings and Investments can assist you and your children with planning and saving towards their goals, contact the Absa Call Centre – 0860 111 515 or go to www.absa.co.za