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Let your child chat to a financial adviser
Sunday, 05 October 2014 00:00

Life lessons for your child

Teaching children about saving and investing is a balancing act.

In South Africa’s poor saving culture, many adults find themselves without a penny saved at the end of the month. Unfortunately, as a result, the children of these poor-saving-habit adults often struggle with their finances once they become adults themselves because of poor savings behaviours learned while growing up, further perpetuating this poor savings habit cycle.

Unbeknown to the parents themselves it’s not what they say, but what they do that really counts when attempting to teach their children the right way to deal with money and savings. Parents ‘model’ how their children will eventually handle money, so it is of pivotal importance that you teach your children the right ways of dealing with their finances in order for them to have a healthy financial future, and not to fall into common pitfalls.

Estelle Scholtz-Mare, Head of Financial Wellness at Momentum, says: “Children often mimic their parents' habits – good and bad – so a parent should do what they preach, not say one thing and do another. Keep in mind that the advice that you give your children has to be age- and life-stage specific. If you start lecturing about saving for retirement when they are in their teens their eyes may glaze over.” Keep in mind that a child’s money habits are usually formed by around age seven. However, it is never too late to teach them.

 

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Pocket money rules for kids and parents
Sunday, 05 October 2014 00:00

Pocket money rules

There really are no hard and fast pocket money rules that parents and kids everywhere should follow. Your family’s pocket money rules will depend on the preferences and needs of your own particular family. However, it’s generally a good idea for kids to have some sort of pocket money, even from as young of an age as four or five. Having their own money to spend allows children to understand spending and saving, and the value of a rand.

Although there aren’t set rules, here are some things your family should think about when it comes to pocket money.

Teach Kids to Pay Themselves First

You might want to require that your children automatically take a certain percentage of their pocket money to put into a savings account or even just a piggy bank. This will encourage kids to get into the habit of saving, even if it’s just a little at a time.

Make Pocket Money Appropriate to Age

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