Imparting finance education to kids as a parent

Rajesh is a college student now. From childhood, he saw his mother spending money on buying the latest clothes for him and his father getting him the latest gadgets. He always adored his parents for being cool and making him feel like a prince. Isn't this what we all want to do to make our kids happy and proud, by spending money.

This is good that our kids should get what they need, but as a parent, we must make our kids realize the difference between Need and Want. As a parent, we should make our kids understand that money is earned by real hard-work that their parents do and it is not free money.

Kids watch their parents and develop minute habits around money management:
--> Checking price tags and making decisions based on price on the tag
--> Restricting the number of dinners outside
--> Limiting trips to save money for some other task
These are some of the basic things that kids note when they observe their parents in day-to-day life.

If we do not make kids understand the value of hard-earned money, then we are making them go into a world where they would learn money management the hard way.

We assist parents in this tedious task of making kids understand finance management with our Finance Learners program. Please check our Finance Learners page for details.

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Arpit Gupta

MBA IIM Lucknow
Arpit Gupta is an IIM Lucknow grad with experience in multiple fields including business development, product management and business strategy. He loves playing badminton and swimming.