Children are generally more interested in spending their money thank tucking it away for a rainy day. It’s been a tough battle to get my eldest to save even though he’s got a bank account.
Here in the UK the children are spoilt for choice when it comes to kid’s accounts. There are more options than there are in South Africa and the apps here for accounts such as GoHenry allow you to monitor their spending and earnings with your own parent access while the child gets their own version.
Teaching them to save for major events such as Christmas isn’t an easy thing to do. Once they see that little pot grow, they realise that if it hits a certain amount then there is a plethora of toys that they can buy.
What’s worse, websites like Amazon and Takealot in South Africa make accessibility to toys and games even easier. Kids soon realise they can get instant gratification within a matter of days. It’s just too easy to buy stuff in stores and online. You don’t even need to get out of the house!
So, I was very pleased to see that one investment house, Foord Asset Management, have made an effort to educate children about the advantages of saving. They’ve published a beautifully illustrated book, More Than Enough, which tells the story of a little squirrel who is collecting acorns with her mom. The little squirrel’s mom gives her offspring lessons about gathering enough for the future and unpacks the basics about investing. The book is available to parents for free.