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.
The book is authored by Foords communications manager, Christina Castle and is a first in a series of books that will be printed. The investment house said the series will explore concepts such as time, saving, income generation, compounding, diversification, risk, patience and investing for the long term.
While the book tackles the complex world of saving and investing it’s not littered with jargon or reference to money or greed.
“These are the basic investment principles that we drive at Foord,” says Castle. “If you understand and embrace these principles from an early age, you can only be set on the path to successful investing.”
She adds: “Foord is passionate about teaching children (and their parents) the importance of investing for the long term,” says Castle. “What better way to do it than with a beautifully illustrated children’s book that can be read repeatedly?
“It is the perfect platform for parents and teachers to start the conversation about investing and, more importantly, to keep having that conversation.”
For more information, or to request your free copy of Foord’s new children’s book More Than Enough contact firstname.lastname@example.org.
5 Extra tips on teaching your children about money
- Get a piggy bank:Ideally get one that is transparent or use a jar so your children can see the money grow and take part in adding it all up. Takealot have a number of piggy banks on sale and even one that your children can decorate.
- Get them to open a bank account:Most of the major banks have accounts aimed at children and increasingly they are doing away with fees so that children can transact freely without incurring much in the way of charges.
- Help them to structure their own savings goals:Christmas is around the corner, so now you have a perfect time to teach children about savings and motivate them to save toward that toy of their dreams.
- Teach them to compare prices:When they see something in the store that they like tell them that they mustn’t buy the item now but research it online first so that they can buy it at the best price. Who knows, maybe by the time you get home the interest in the toy or service may be gone and they get to keep their money to attain their savings goal.
- Make use of money saving apps: Banks like Standard Bank have their own banking apps for kids. But if you don’t bank with them there are lots of other apps and games you can download that can teach children about the basics of saving. For more savings apps ideas, click here.