It's never too early to start teaching kids about money and saving! With these handy dandy cards from Money Talks, kids are able to learn about finances the fun way.
Did you know that 37.9% of parents in Singapore believe that kids know enough about money? That’s pretty hard to believe, considering that Singaporean parents are known for being kiasu. Which is why it’s more important than ever to start the conversation about money and finances early. The more they know, the better informed they’ll be about their decisions — whether it’s buying that toy that they’ve been eyeing or saving for university. But it’s not exactly the easiest concept to teach.
As Singapore recovers cautiously from the Covid-19 crisis, financial literacy at all ages has become more crucial than ever. And that’s where the handy dandy cards from the Money Talks kit comes in — they’re fun, conversation kickstarters that cover all the essentials about money.
Questions to ask your kids about money (and see how much they know!)
1. Do you know how Mum or Dad earns money? What will happen if we don’t earn money?
Help kids understand early on that hard work puts money in the bank, not magic. This is how Mum and Dad are able to support them in their favourite CCAs or simply buy the toys they want!
2. What does “saving for a rainy day” mean to you?
It is never too late to get kids into the practice of saving. But first, understanding why the concept is important will inspire them to think critically and work towards goals more intentionally.
3. Do you know what a debit or credit card is?
As kids enter the age of “invisible money”, knowing the pros and cons of cashless modes of payments gives them an edge for when the time comes to actually use them. Here’s more advice on navigating cashless tech.
4. Do you need to have a lot of money to be able to share some of it with others?
Sharing is a great way to teach children to value what they have, as well as build values like empathy and generosity for those around them!
Pretty useful stuff, right? You can get the whole deck of cards on the Money Talks website. And to supplement your cards, you can also download cool activity sheets that include a spending log, a savings planner and fun arts and crafts.
There’s never been an easier way to teach kids the concept of saving, spending and sharing. Who knows, you might have one money-savvy kiddo at the end of all this. And yes, it’s never too early to start.
You’ve got this, parents!