Empowering future generations: Strategies for raising financially confident children

In today’s increasingly complex financial landscape, instilling a sense of confidence in our children’s relationship with money is critical.

Encourage decision-making: If you’re paying your children an allowance or pocket money, avoid trying to micro-manage the way in which they choose to spend their money. Rather, allow them to make mistakes with their money so that they learn early on what it feels like to have regrets about poor decision-making. Learning to live with the consequences of one’s decisions is an important life lesson.

Don’t make budgeting a punishment: Speak about the household budget positively so that your children develop a healthy respect for budgeting. Instead of using the budget as evidence of all the things you cannot afford, demonstrate how sticking to the budget ensures that there is fun money at the end of the month that the family can enjoy. This will help your children develop a positive association between the budget and the ability to afford good experiences and fun times with loved ones.

Don’t associate spending with guilt: Encourage your children to make smart money decisions by encouraging them to do their market research, compare prices, check quality, and assess whether their desired purchase is a ‘want’ or a ‘need’. Avoid making them feel guilty for making a purchase, especially if they’ve done their homework and can justify their spend, as this can result in them associating spending with shame.

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