Just as children are taught good manners, they should be taught good money values.
The key to teaching children financial responsibility lies in making them understand the value of money and the difference between wants and needs.
But before parents can begin to teach their children strong money values, they need to examine their own.
Handing over R50 pocket money instead of giving your child a sandwich, fruit and juice, for instance, teaches children that they can just buy whatever they want.
Parents are often unaware of the way their parents parented them.
If their parents displayed irresponsible financial management and excessive spending habits, these will unfortunately be perpetuated by their children unless a conscious decision to end the cycle is made.
Children need to understand that money doesn’t fall from trees and that not everything they want can be afforded or is needed.
Teach them the value of delayed gratification by encouraging them to rather wait and save for three weeks before getting that book.
Instead of getting everything they want now, persuade them it will be better later.
It is also important for children to understand that there will always be people who have more than them and those who have less.
However, it is crucial that they not feel inferior to those who have more or superior those who have less.
This will help build their confidence and self-esteem.
Furthermore, never shield them from poverty.
When you see something on television, talk to them about it so they can understand.
When you go volunteer at a shelter for the homeless in the community, take your children along.
Help them understand the value of sharing with your neighbours. Teach them to care and respect others regardless of their standing in life.
And if you happen to have less than most, it is important that you teach your children that there is always someone who has less than you have – share the little you have with them.
