By starting early, adults can help the youth acquire the knowledge, practical skills, and confidence to make informed future financial decisions.
Now is a good a time as any to start with the empowerment process. Grown-ups need to start talking to kids about money, make the money concept tangible and help the youth become financially literate.
We compiled an age-by-age guide that offers grown-ups’ (including younger adults) ideas on what to include in their financial youth-based teachings:
TODDLERS (2-3 years)
- Toddlers can begin to learn to differentiate the names of coins (cents) and notes (rand). Adults can play a “colour game” and let the children get familiar with money. **Note: This type of game requires supervision.
- Toddlers can begin to understand the basics of “business” by exchanging money/play money for goods. “Shopping at home” is fun and educational.
PRESCHOOLERS (3-5 years)
- Imaginary play initiatives like “restaurant” or “grocery shop” can incorporate skills such as learning good manners and making change as the cashier.
- Doing chores for pocket money offers educational moments.
GRADE SCHOOLERS (6-12 years)
- Use comparison teachings and introduce “money tools” .
- Open a children’s bank account.
- Comparison shopping: kids can have educational shopping outings to spot discounts and compare generic v brand-name products’ prices.
TEENAGERS (12-18 years)
- Pocket money/allowances can quickly disappear for teens. Parents are encouraged to help their children set up a budget and explain the difference between a “want” and a “need”.
- There are also bank or phone apps for children that parents or guardians can incorporate into the learning discussions or activities.
They can also make use of available programmes, such as “MoneyTime” or “StarSaver”, that can help teach them financial skills.
YOUNG ADULTS (18-30 years)
- Budgeting is a must. They can use tools to fit their personality.
- They need to distinguish between actual “needs” and “wants” clearly.
- Young working adults can start small when taking out credit or debt – there is no need to buy a lavish house and a car all in one go.
- Wealth, emergency planning and health investments are crucial – professionals can assist with medical and financial products (like an emergency fund or retirement plan).
- Oberholzer is debt advisor at DebtSafe
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