Financial Literacy for kids

[summonerrk]

Seriously, a boot camp for money management? when we're living in the world where field jobs is getting scarcer, having a degree doesn't guarantee you will get a job and learning a new skill in boot camp doesn't guarantee you will get a job?

I'd say money management/financial literacy is good when you already have a job, if not, mastering money management when you have no money is really pointless.

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

[Yukyzu]

Seriously, a boot camp for money management? when we're living in the world where field jobs is getting scarcer, having a degree doesn't guarantee you will get a job and learning a new skill in boot camp doesn't guarantee you will get a job?

I'd say money management/financial literacy is good when you already have a job, if not, mastering money management when you have no money is really pointless.

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

I agree with you that everyone must of course have skills in terms of financial management whether they have a job that has an income or not because no matter how much money is owned by someone who does not have skills in terms of financial management, of course the money they have will not be able to be used for things that will benefit them and it will certainly be able to easily make them poor.  However, if someone has the ability to manage their finances well even if they have a small income, of course they will be able to manage well and use what they really need.

[Hanadawa]

-snip-And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

I agree with you and honestly it is a really good idea. Financial literacy is very much needed by anyone even if they are not rich. I think all children need to be taught basic financial literacy. This is important because we don't know what the future holds for someone. As you said we don't know if in the future someone wins the lottery but because he doesn't understand the concept of sound finance then all he thinks about is how to spend money instead of thinking about how to earn more money. Or if someone likes to do business then financial literacy will really help him when he grows up.

[doomloop]

parents can teach children about it by gradually teaching them how to manage their pocket money like you said, teach them how to spend it, and also teach them how to save from it for the future, just so that they can understand that it's not all the time they can have money and ones they don't have but are faced with difficult situations, that's when their savings can save them from such emergencies. Then the problem to look at here is, what if they are parents who don't even have that financial literacy? How then can they impact to their kids a knowledge they don't have?.

Parents don't need to have financial literacy to make their children financially aware, if they are knowledgeable and understand that they lack financial literacy, they can use other sources to teach their children about it. Parents will always tend to wish that their children learn and be what they couldn't be, so if they are just aware of the fact that they need to teach their children something, they will always find a way to do that even if they don't know anything about it.

The problem is if parents are financially illiterates but they don't acknowledge this fact and they believe they are very good with finances, in that case, the children are going to have the same thing, they will be taught things that might be wrong to do or aren't the best things to do when it comes to finances. So, the most important thing is the awareness, they just need to be aware that they lack something and their children must not lack that like them, and they will work it out somehow.

[Dr.Bitcoin_Strange]

parents can teach children about it by gradually teaching them how to manage their pocket money like you said, teach them how to spend it, and also teach them how to save from it for the future, just so that they can understand that it's not all the time they can have money and ones they don't have but are faced with difficult situations, that's when their savings can save them from such emergencies. Then the problem to look at here is, what if they are parents who don't even have that financial literacy? How then can they impact to their kids a knowledge they don't have?.

Parents don't need to have financial literacy to make their children financially aware, if they are knowledgeable and understand that they lack financial literacy, they can use other sources to teach their children about it. Parents will always tend to wish that their children learn and be what they couldn't be, so if they are just aware of the fact that they need to teach their children something, they will always find a way to do that even if they don't know anything about it.

The problem is if parents are financially illiterates but they don't acknowledge this fact and they believe they are very good with finances, in that case, the children are going to have the same thing, they will be taught things that might be wrong to do or aren't the best things to do when it comes to finances. So, the most important thing is the awareness, they just need to be aware that they lack something and their children must not lack that like them, and they will work it out somehow.

Are you aware of the saying, "You can't give what you don't have? Some parents on their own cannot give their kids financial knowledge because they themselves don't have it, or perhaps they think they are okay the way they are.

Just like you said in the second paragraph, it's only when a parent acknowledges that they are financial illiterate and they don't know how to manage their finances that is only when they can either make sure they provide every possible means to make sure their kids are better, even if it costs them to pay for special classes that their kids will have to learn about financial management. But there are some parents who don't even acknowledge it and therefore don't  see it as a necessity for their kids to learn.

[Ryu_Ar1]

Are you aware of the saying, "You can't give what you don't have? Some parents on their own cannot give their kids financial knowledge because they themselves don't have it, or perhaps they think they are okay the way they are.

This is a good point because indeed we cannot provide a good condition in any case including in the issue of financial learning to children if we do not know and do not understand what finance is like so indeed in this case we must make us understand first before finally our children provide understanding to our children.

In addition, actually in this case every child will definitely do according to what parents do in any case because parents are the first teacher for children so that every behavior, be it treatment or actions that we do in everyday life, will be recorded and done by children.
If the parents do not understand how to manage finances and like to squander money (cannot run finances properly) then indeed the child will also definitely do things that will not be much different from what his parents do.

[Distinctin]

Seriously, a boot camp for money management? when we're living in the world where field jobs is getting scarcer, having a degree doesn't guarantee you will get a job and learning a new skill in boot camp doesn't guarantee you will get a job?

I'd say money management/financial literacy is good when you already have a job, if not, mastering money management when you have no money is really pointless.

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

Well, if financial literacy if imposed earlier, I guess that will also bring a positive effect on the child. But  that's never enough to motivate him and guarantee that he will never be at some point of financial lapses or struggles. Experience in life is the best motivation. If he develops financial losses earlier that made him motivated to earn more and gain more, then most probably he will set that as a goal and do all the things to realize his financial goals.

[peter0425]

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

I agree but also if they have no education most likely is that they never had access to proper financial education nor will they ever get one unless they actively seek out a financial advisor. It’s very common for poor people to lose the money they quickly gained due to exactly this: lack of knowledge. Some even do not know how to operate a bank account.

[Qiubell5]

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

It is true what you said, about money management depending on their level of education, managing finances is indeed not an easy thing, but at least income and expenses, all of that needs to be regulated, making it the main thing, especially the impact that will arise if you cannot manage your finances.

[jaberwock]

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

I agree with you that everyone must of course have skills in terms of financial management whether they have a job that has an income or not because no matter how much money is owned by someone who does not have skills in terms of financial management, of course the money they have will not be able to be used for things that will benefit them and it will certainly be able to easily make them poor.  However, if someone has the ability to manage their finances well even if they have a small income, of course they will be able to manage well and use what they really need.

Yes true, having this type of reaction to what you are dealing with no matter how much money you make will decide on your future and it's a very important deal. I know that a lot of people think that number one priority is to make a bigger income, which is not that wrong and you should focus on your income of course, but that doesn't mean that it ends there.

Just because you have a big income, doesn't mean you shouldn't learn investment properly, nor does it mean people with low income shouldn't learn investment since they won't need it, everyone needs to learn financial responsibility and management, no matter how much money they make.

[bestcoins1]

It is true what you said, about money management depending on their level of education, managing finances is indeed not an easy thing, but at least income and expenses, all of that needs to be regulated, making it the main thing, especially the impact that will arise if you cannot manage your finances.

A child who has known money and also knows the amount of paper money that he often holds every day does need education to be able to manage money well, which basically he also has to know about income and expenses at a certain level in his life. But for those who have not been able to earn their own money in their lives, I think it will be a little difficult to apply it because they still think it is easy to get money through their own parents. However, children who are still fully dependent on their own parents also need to be taught this even though they themselves are not used to applying it in their own lives.

[Marvell1]

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

I agree but also if they have no education most likely is that they never had access to proper financial education nor will they ever get one unless they actively seek out a financial advisor. It’s very common for poor people to lose the money they quickly gained due to exactly this: lack of knowledge. Some even do not know how to operate a bank account.

In my country, there are many people from the previous generation who are illiterate but they know how to make money and know how to use money, which means they can also learn financial management even if they are uneducated. Financial management sometimes sounds very abstract and exaggerated, but it is actually simpler than we think. Anyone who has the ability to earn money and knows the value of money can manage their finances well.

Not all poor people lose money just because they lack knowledge or uneducation. Poor people only lose money when they are both ignorant and greedy. But a poor person can become a good financial manager if they know how to control their greed and realize that the world out there is not simple. People who have difficulty earning money will appreciate money more because they know that money is not easy to earn.
My parents don't know how to use a bank but they are much better at managing their finances than I am  .

[Dr.Bitcoin_Strange]

This is a good point because indeed we cannot provide a good condition in any case including in the issue of financial learning to children if we do not know and do not understand what finance is like so indeed in this case we must make us understand first before finally our children provide understanding to our children.

In addition, actually in this case every child will definitely do according to what parents do in any case because parents are the first teacher for children so that every behavior, be it treatment or actions that we do in everyday life, will be recorded and done by children.
If the parents do not understand how to manage finances and like to squander money (cannot run finances properly) then indeed the child will also definitely do things that will not be much different from what his parents do.

Yea, like you said, parents are the first teacher and they can not teach what they don't have idea about, they can only give the knowledge they have. So, children will be at advantage to learn quickly from their parents if they have good financial knowledge.

[Sipurba]

I just found out now about financial literacy booth camp from this topic. This kind of training does not exist at my place, is this a common thing in Western countries?

When I checked it on Google and click on the first result that appeared, they have several classes which is for junior, teen, youth, women, family and business. Let's put aside family and business, since I believe we can picture what are the gonna teach there, but why it specifically has class for "women"?

[summonerrk]

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

It is true what you said, about money management depending on their level of education, managing finances is indeed not an easy thing, but at least income and expenses, all of that needs to be regulated, making it the main thing, especially the impact that will arise if you cannot manage your finances.

In the modern world, financial literacy comes only to those who want to understand that money can work as a financial instrument: stock exchanges, exchange rate differences, investing - there are plenty of ways to do it so that you don't have to get up for work every day.
But still, the vast majority of people treat money very frivolously. They think that they need to spend all the money that ends up in their hands as quickly as possible.

[slapper]

I don't agree with you at all. If someone doesn't have a job or education, it doesn't mean that this person shouldn't be interested in money management. Imagine that such a person wins the lottery tomorrow, or receives a huge inheritance. If he is not economically developed, he will quickly become poor again, after a series of useless purchases. And this is a fact, history knows many such examples from life. And if such people are financially literate, they will be able to manage money wisely.

I agree but also if they have no education most likely is that they never had access to proper financial education nor will they ever get one unless they actively seek out a financial advisor. It’s very common for poor people to lose the money they quickly gained due to exactly this: lack of knowledge. Some even do not know how to operate a bank account.

In my country, there are many people from the previous generation who are illiterate but they know how to make money and know how to use money, which means they can also learn financial management even if they are uneducated. Financial management sometimes sounds very abstract and exaggerated, but it is actually simpler than we think. Anyone who has the ability to earn money and knows the value of money can manage their finances well.

Not all poor people lose money just because they lack knowledge or uneducation. Poor people only lose money when they are both ignorant and greedy. But a poor person can become a good financial manager if they know how to control their greed and realize that the world out there is not simple. People who have difficulty earning money will appreciate money more because they know that money is not easy to earn.
My parents don't know how to use a bank but they are much better at managing their finances than I am  .

School does not teach you financial mastery. Look at your parents. Though they lack fancy degrees, they are most likely killing your ass in the financial field. It's about actual decisions rather than theoretical ones. Money's about value, not only figures on a screen

Managing money is not about memorizing formulas. It's about choosing actions appropriate for your life and objectives. Screw those cookie-cutter strategies. Greed and ignorance? Those are the true death agents. You want something? great. But would you be able to afford it? Sort your wants against your reality. That is financial intelligence just there

The big picture is not seen with a diploma. You require awareness of yourself and flexibility. That marks the beginning of actual financial management

[batang_bitcoin]

In the modern world, financial literacy comes only to those who want to understand that money can work as a financial instrument: stock exchanges, exchange rate differences, investing - there are plenty of ways to do it so that you don't have to get up for work every day.
But still, the vast majority of people treat money very frivolously. They think that they need to spend all the money that ends up in their hands as quickly as possible.

That's because they think that they should do it because the status of the world is uncertain. Even living in a peaceful nation is no longer peaceful because of the cost of goods are rising quickly and that's why we just live to work everyday and we eat to be alive. But it's true that if people will change their perspective towards money and on how they're going to deal with it, there's a very likely that they're going to see the difference out of those who knows financial literacy well and those that don't. And with kids learning it at a young age, they will going to bring that until they become older or will have some means to remember that in one day of their lives, they've been thought on how to be financially well.

[tottong]

So by investing time and resources in a financial literacy boot camp, you'll be giving your child a valuable head start on their financial journey.

It would be a great idea to put your child in financial literacy training so that they have a much more advanced outlook in thinking.
Independent children must be created because they are not born by themselves, how many children in this world are not independent and they always depend on their parents.
When they enter adolescence they do not have a direction to make money because their lives are too pampered.

But you also need to teach children at a mature age because children at a certain age must focus more on education so that the issue of finding finances becomes another stage that needs to be taught.
When it is too early to teach them to earn money, they will definitely not be interested in finishing school because they are used to and enjoy the money they earn.

[Farma]

It is true what you said, about money management depending on their level of education, managing finances is indeed not an easy thing, but at least income and expenses, all of that needs to be regulated, making it the main thing, especially the impact that will arise if you cannot manage your finances.

A child who has known money and also knows the amount of paper money that he often holds every day does need education to be able to manage money well, which basically he also has to know about income and expenses at a certain level in his life. But for those who have not been able to earn their own money in their lives, I think it will be a little difficult to apply it because they still think it is easy to get money through their own parents. However, children who are still fully dependent on their own parents also need to be taught this even though they themselves are not used to applying it in their own lives.

As parents, of course, they are responsible for teaching their children about financial management and also telling their children not to spend the money they give them on things they don't need and if they don't need it to buy it, they can save the money their parents gave them, and when they have taught their children to save, the child will of course think first when they want to buy something and if it is not needed, of course they will not buy it. As a child, of course, they will continue to depend on their parents in terms of finances, so as parents, of course, they must teach their children gradually to be able to live independently according to their age so that when they are able to have their own income, they will be able to manage the income they have well.

[barisbilgili]

As parents, of course, they are responsible for teaching their children about financial management and also telling their children not to spend the money they give them on things they don't need and if they don't need it to buy it, they can save the money their parents gave them, and when they have taught their children to save, the child will of course think first when they want to buy something and if it is not needed, of course they will not buy it. As a child, of course, they will continue to depend on their parents in terms of finances, so as parents, of course, they must teach their children gradually to be able to live independently according to their age so that when they are able to have their own income, they will be able to manage the income they have well.

It is not so formal because children will see the habits of their parents in managing finances and also educational factors at school or the environment will influence someone to be able to manage finances when they are adults and I think when it reaches that point there is no role for anyone else when the child is an adult and it goes back to the overall education given to the child to be independent and manage finances well someday. And I think this is not entirely the responsibility of the parents, it all comes back to ourselves because when we are adults we can make our own choices.