Establishing the Culture of Saving In Your Children

Tuesday, May 16, 2017 - 12:00

"Children must be taught how to think not what to think.." The things we impart in our children are by far the most important messages because these messages shape futures for not just for individuals but also communities as well. At National Building Society we believe that saving and investing are lifestyles. Lifestyles that will make you a better person. It is important to ingrain a culture of saving and investing in our children 

Here are a few things to consider and ask yourself before talking about money and wealth creation with your young one:

  • How will you create an open environment in which your family can discuss money issues?
  • Most African families are very secretive about money issues but as a modern parent you need to make an active decision to do things differently. Transparency is a good thing.
  • How should your children receive money? Will you give them allowances or use another method?
  • As a parent you have a lot of decisions to make. How you execute things is one of them. Are you going to give your children money based on their behaviour and chores or they are entitled to chores? 

Teaching your children about money and wealth creation is more than preparing them for employment or teaching them to save some of the money they earn. It includes helping them understand the positive and negative meanings of money. For example, children need to learn that while it is nice to show someone love by buying a gift, it is just as important to show love through actions and words. Children and parents should talk about their feelings, values, attitudes, and beliefs about money. This helps children understand that conflict about money occurs and needs to be discussed in the family and that compromise is often necessary.  

At National Building Society we have an array of services that will help you implement a saving strategy that your children can learn from .Get in touch with us and we will be happy to assist.