KT for Good: Teach kids the importance of saving for a rainy day

KT for Good: Teach kids the importance of saving for a rainy day

For the 13th part of our 14-day series, experts share tips on how to introduce money saving techniques to children.





With Covid-19-triggered mayhem, families have had to make drastic changes to their budgets as pay cuts and job losses became the new normal. In this Pandemic-proof Budgeting series of the KTForGood campaign, we aim to help you make informed financial decisions amid the challenges arising from the pandemic. For the 13th part of our 14-day series, experts share tips on how to introduce money saving techniques to children

Educating children on money management at an early age can equip them with a crucial life skill to make intelligent choices, experts have said.

Marilyn Pinto, founder of Kids Finance Initiative, said: "As soon as they say, 'I want' would be a good time to talk about how money works. Kids usually form their concepts about money at the age of between five and seven and parents can start talking to them from that age. Mostly parents don't talk about money to children as they feel they are not experts but that's not the correct approach. Every parent is a mountain of value and just talking to their kids about what money