Teach your child how to spend money from the age of 3
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Teach your child how to spend money from the age of 3

Child and family finance expert Neale S.Godfrey (USA) believes that parents should teach children to manage money and give pocket money starting from the age of three.

At the conference `Educating children about finance` taking place on the afternoon of May 18 in Ho Chi Minh City, Ms. Neale S.Godfrey, CEO of the first children’s bank in the world (The First Children’s Bank-USA)

Children should be familiar with money from the age of three.

According to her, first of all, parents should help children understand the method of `working to get paid`.

The type of work parents will pay their children for such as watering the plants, feeding the animals, cleaning the room… to encourage their working spirit and responsibility with money.

Once you have given your children money, the next step will be to help them budget appropriately.

Accordingly, she advises parents to prepare 4 jars for their children to divide money into, then teach their children how to distribute money.

The money in the 4 jars will be put in from the child’s earnings (weekly pocket money, gifts, bonuses, money from part-time jobs…) with the following division ratio: Jar 1 accounts for 10%.

From her own experience, she never wants her children to understand that loving them means giving this or that unconditionally.

According to Ms. Neale S.Godfrey, nowadays many women are busy working so they always want to give their children the things their friends have.

Talking to VnExpress.net, Ms. Hai, a parent of a 6-year-old child, said that every day, she also teaches her child to save money right from the moment he starts kindergarten by turning off the electricity when not in use.

Ms. Thanh Loan, a parent from District 3 also said that it is not necessary to prohibit children from asking for money to buy a reasonable item.

Mr. Pham Ngoc Thanh, Deputy Director of Ho Chi Minh City Department of Education and Training, acknowledged that educating children on financial management skills from an early age is very necessary.

Ms. Quach Thu Nguyet, representative of Dan Tri Book Company, also emphasized that financial skills education for children is one of the issues that has received special attention from society in recent times.


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