Share to Facebook Share to Twitter Share to Linkedin A financially literate child becomes an empowered adult. Here’s why we should be teaching children ..
. [+] to manage their money from a young age. getty In an age where Instagram posts flaunt the latest luxury fashion trends, TikTok videos showcase lavish vacations and influencers endorse expensive gadgets, children are bombarded with a relentless stream of materialistic messaging.
This is often coupled with thousands of “finance bros” on every corner of the internet promoting their latest “get rich quick” scheme. Consequently, social media has bred a culture of instant gratification and conspicuous consumption, making it more important than ever for parents to teach their children how to build a healthy relationship with money. Financial literacy and budgeting are life skills that significantly impact an individual’s psychological well-being and overall quality of life.
Teaching children about money management from an early age can contribute positively to their psychological development and financial success as adults. Here are two reasons why financial literacy can set your child up for success 1. Financial Literacy Builds Character Teaching children to save for desired items helps develop the ability to delay gratification.
They learn that their patience will be rewarded by gradually achieving financial goals rather than by impulse buying . This process helps them understand that immediate desires can be man.