{"id":3912,"date":"2021-01-04T03:19:29","date_gmt":"2021-01-04T03:19:29","guid":{"rendered":"https:\/\/www.ibpo.com.my\/?p=3912"},"modified":"2024-12-03T03:06:08","modified_gmt":"2024-12-03T03:06:08","slug":"how-to-talk-to-your-kids-about-money","status":"publish","type":"post","link":"https:\/\/www.ibpo.com.my\/bm\/how-to-talk-to-your-kids-about-money\/","title":{"rendered":"How to Talk to Your Kids About Money?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3912\" class=\"elementor elementor-3912\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-de447d8 elementor-section-full_width xts-section-stretch-content elementor-section-height-default elementor-section-height-default\" data-id=\"de447d8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0f57c20\" data-id=\"0f57c20\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c46eb82 elementor-widget elementor-widget-html\" data-id=\"c46eb82\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t[xts_html_block id=\"3506\"]\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-86c14ad elementor-section-full_width elementor-section-height-default elementor-section-height-default xts-section-disabled\" data-id=\"86c14ad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5c446df\" data-id=\"5c446df\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a1e5a17 elementor-widget elementor-widget-shortcode\" data-id=\"a1e5a17\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\t<div class=\"ibpo-articles xts-single-post-header\">\r\n\t\t<div class=\"xts-post-meta\">\r\n\t\t\t\t\t\t\t\t\t\t<div class=\"xts-post-categories\">\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t<a  class=\"xts-post-category\" href=\"https:\/\/www.ibpo.com.my\/bm\/category\/articles\/\" rel=\"category tag\">\n\t\t\t\t\t\tArticles\t\t\t\t\t<\/a>\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t<a  class=\"xts-post-category\" href=\"https:\/\/www.ibpo.com.my\/bm\/category\/articles\/family\/\" rel=\"category tag\">\n\t\t\t\t\t\tFamily\t\t\t\t\t<\/a>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"xts-post-date\">\n\t\t\t\t\t\t\t<time class=\"published\" datetime=\"2021-01-04T03:19:29+00:00\">\n\t\t\t\t\t4 Januari 2021\t\t\t\t<\/time>\n\t\t\t\t<time class=\"updated\" datetime=\"2024-12-03T03:06:08+00:00\">\n\t\t\t\t\t3 Disember 2024\t\t\t\t<\/time>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\r\n\r\n\r\n\t<\/div>\r\n\r\n\t\t\t<h1 class=\"ibpo-articles xts-post-title xts-entities-title\">\r\n\t\t\t\tHow to Talk to Your Kids About Money?\t\t\t\t<\/h1>\r\n\t\t\r\n\r\n\r\n\t\r\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60bed14 xts-scheme-inherit xts-textalign-inherit elementor-widget elementor-widget-text-editor\" data-id=\"60bed14\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 23-07-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><div class=\"vc_row wpb_row vc_row-fluid\"><div class=\"wpb_column vc_column_container vc_col-sm-12\"><div class=\"vc_column-inner\"><div class=\"wpb_wrapper\"><div class=\"wpb_text_column wpb_content_element \"><div class=\"wpb_wrapper\"><p>Finance is a lifelong commitment whether we like it or not. Unless we\u2019re living in self-sufficient tribes, we need money or some form of currency to survive. Those who\u00a0<strong>know how to handle and maintain their finances<\/strong>\u00a0<strong>get an advantage in life<\/strong>, which is why\u00a0<strong>children should be taught the basics of money<\/strong>\u00a0from a young age.<\/p><p>Now, teaching the concepts of finance to a bunch of restless kids may sound daunting, but if you use the suitable methods, they\u2019ll grow up to be money experts.\u00a0<strong>So, how do you talk to your kids about money?<\/strong><\/p><h2><b>How Should I Begin?<\/b><\/h2><p>Money is not a very interesting topic to children and toddlers, that is why we should find\u00a0<strong>a way for it to be fun<\/strong>.<\/p><p>Start slow,\u00a0<em>don\u2019t sit them down for a 3-hour lecture about stock exchange<\/em>, start by\u00a0<strong>answering whatever questions your kids ask you about money<\/strong>\u00a0and\u00a0<strong>involve them in budgeting<\/strong>\u00a0before your trip to the supermarket each time.<\/p><p>Make sure you let your children know you\u2019re open to discussing money with them.<\/p><h2><b>Age Appropriate Lessons<\/b><\/h2><p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium wp-image-1868\" src=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-300x200.jpg\" sizes=\"(max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-300x200.jpg 300w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-1024x681.jpg 1024w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-768x511.jpg 768w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-1536x1022.jpg 1536w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-2048x1363.jpg 2048w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-219x146.jpg 219w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-50x33.jpg 50w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-113x75.jpg 113w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-944x628.jpg 944w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-750x499.jpg 750w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-1140x758.jpg 1140w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/happy-beautiful-little-girl-student-using-computer-study-through-online-e-learning-min-scaled.jpg 1920w\" alt=\"Children learning how to budget\" width=\"300\" height=\"200\" \/><\/p><p>As your kids grow, they will go through\u00a0<strong>different phases of cognitive abilities<\/strong>. It is important that you manage your lessons so as to\u00a0<strong>not overwhelm them<\/strong>. In general you can divide the lessons into a few categories.\u00a0<em>From age 3 to 6<\/em>,\u00a0<strong>physical money<\/strong>\u00a0should be\u00a0<strong>a good tool for teaching<\/strong>\u00a0as tangible cash will feel more real to them as they\u00a0<strong>master counting<\/strong>. This is a good period to\u00a0<strong>talk to them about the value of earning<\/strong>\u00a0through\u00a0<em>simple chores<\/em>,\u00a0<em>saving via coin banks<\/em>, and\u00a0<em>the lifelong practice of giving<\/em>.<\/p><p>When they\u00a0<em>grow older<\/em>,\u00a0<strong>introduce concepts<\/strong>\u00a0like\u00a0<strong>how money is spent differently<\/strong>\u00a0for small items like clothing and big items like a house,\u00a0<strong>how work is tied to money<\/strong>\u00a0etc. Once your kids are\u00a0<em>more emotionally mature<\/em>, they will be able to understand more about\u00a0<strong>abstract money concepts<\/strong>, including\u00a0<em>wants vs needs<\/em>,\u00a0<em>debts<\/em>, and\u00a0<em>wealth building<\/em>.<\/p><h2><b>Emphasise on Value, Not Figures\u00a0<\/b><\/h2><p>Make your kids\u00a0<strong>understand why they should save money<\/strong>, instead of\u00a0<em>telling them how much they have to save<\/em>. Don\u2019t just get stuck on saving as well, show them why budgeting is important, why settling debts help, and why giving and making charitable contributions are meaningful.<\/p><p>It is important that children\u00a0<strong>understand these concepts<\/strong>\u00a0and\u00a0<strong>the inherent value of practising them<\/strong>\u00a0so they can live easier lives down the road. With the foundations sown in their minds, they will\u00a0<em>learn to calculate figures themselves<\/em>\u00a0as they grow.<\/p><h2><b>Spending and Saving<\/b><\/h2><p><img decoding=\"async\" class=\"alignnone size-medium wp-image-1864\" src=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-300x200.jpg\" sizes=\"(max-width: 300px) 100vw, 300px\" srcset=\"https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-300x200.jpg 300w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-1024x683.jpg 1024w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-768x513.jpg 768w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-1536x1025.jpg 1536w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-2048x1367.jpg 2048w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-219x146.jpg 219w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-50x33.jpg 50w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-112x75.jpg 112w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-941x628.jpg 941w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-750x501.jpg 750w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-1140x761.jpg 1140w, https:\/\/www.ibpo.com.my\/wp-content\/uploads\/2021\/01\/portrait-little-girl-with-her-savings-studio-shot-min-scaled.jpg 1920w\" alt=\"Girl with Savings\" width=\"300\" height=\"200\" \/><\/p><p><strong>Create a savings account for your kids<\/strong>\u00a0and encourage them to\u00a0<strong>put a fixed amount into that account monthly<\/strong>. Discuss with them about\u00a0<em>what they\u2019d like to save for<\/em>, once they\u2019ve\u00a0<em>met their goals<\/em>,\u00a0<strong>give them the choice of spending it<\/strong>\u00a0or to keep it for something else.<\/p><p>This allows them to\u00a0<strong>make an independent decision<\/strong>\u00a0of whether something is valuable enough that they\u2019d take out money they saved to spend on. Your kids will learn that<strong>\u00a0if they want something, they have to save for it<\/strong>.<\/p><h2><b>Be a Model of Responsible Spending Habits<\/b><\/h2><p>It is easy even for adults to just\u00a0<em>throw away something when it\u2019s broken<\/em>\u00a0instead of trying to repair it. Not only does\u00a0<em>repairing and reusing an old item help you save<\/em>, by\u00a0<strong>teaching your kids to do the same<\/strong>, you are\u00a0<strong>helping to shape a less wasteful generation<\/strong>. Show your kids that\u00a0<em>each item salvaged is money saved<\/em>.<\/p><p>More essentially, try not to engage in retail therapy and use shopping as a coping mechanism, your children need to learn to\u00a0<strong>resist the instant gratification gained from purchases<\/strong>. This is important, especially as they reach young adulthood when not having savings can bring\u00a0<em>serious financial consequences<\/em>.<\/p><p>You are your children\u2019s main role model, they will\u00a0<strong>shape their financial behaviour based on what they see from you<\/strong>\u00a0during their formative years.<\/p><h2><b>Provide Opportunities to Budget and Earn<\/b><\/h2><p>Give your children monthly or weekly allowances for daily essentials, give them advice but then\u00a0<strong>allow them to plan their budgets themselves<\/strong>. On top of that, provide them with\u00a0<strong>opportunities to earn their own money<\/strong>.<\/p><p>For example, you can request younger children to\u00a0<em>perform household chores<\/em>\u00a0in exchange for financial rewards. This will\u00a0<strong>show them the value of money<\/strong>\u00a0in terms of the work they put in.<\/p><p>For teenagers, you can encourage them to\u00a0<em>take up part-time jobs or holiday work<\/em>. As they earn more, give them\u00a0<em>more responsibilities for their own living costs<\/em>\u00a0such as when eating out with friends.<\/p><h2><b>Bottom Line<\/b><\/h2><p><a href=\"https:\/\/mascdn.azureedge.net\/cms\/the-money-advice-service-habit-formation-and-learning-in-young-children-may2013.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">A study by the University of Cambridge<\/a>\u00a0found that\u00a0<strong>spending habits in children are formed by the time they\u2019re 7 years old<\/strong>.\u00a0<em>Where do they get those habits from?<\/em>\u00a0<strong>The adult figures they observe and interact with the most, of course!<\/strong><\/p><p>You are your kids\u2019 biggest inspiration for money habits, so it is quintessential that you are smart and careful with your finances. If you\u00a0<em>love spending with no consideration<\/em>, chances are,\u00a0<em>your children will grow up just like you<\/em>.<\/p><p><strong>Your children\u2019s financial future\u00a0<em>(for the most part)<\/em> is in your hands!<\/strong><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>[xts_html_block id=&#8221;3506&#8243;] Finance is a lifelong commitment whether we like it or not. Unless we\u2019re living in self-sufficient tribes, we need money or some form of currency to survive. Those who\u00a0know how to handle and maintain their finances\u00a0get an advantage in life, which is why\u00a0children should be taught the basics of money\u00a0from a young age. [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3913,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,61],"tags":[84,33,78,79,109,35],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Empower Your Kids: A Guide on How to Talk to Your Kids About Money - IBPO Group<\/title>\n<meta name=\"description\" content=\"Discover effective strategies and practical tips to initiate meaningful conversations about money with your children. 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