POLOKWANE – Good parenting involves teaching the little ones about financial literacy, so that they can make well-informed decisions from an early age and know the difference between their needs and wants.
Financial literacy is the possession of skills, knowledge, and behaviours that allow an individual to make good money decisions.
Being financially literate as a child lays a good foundation for responsible money management later in life.
Motlalepula Ramalepe, economics and management sciences teacher at Taxila Secondary School, stressed the importance of teaching children about money.
“When they know how to manage their finances, that makes it simpler for them to not overspend and it teaches them how to be financially responsible and to budget for things before buying them.”
She said they teach learners about the importance of saving money and how to make more money from the little they have.
Financial literacy:
· ensure that kids are well-equipped about the finances.
· ensures that kids know how to save.
· makes it easier for the children to distinguish between a need and a want.
· instills a habit of saving in children.
· teachers children to balance saving and spending.
