Finance Can Be Child's Play, Too

Ingraining the basics of savings will help children manage money prudently

- R Venkatesan

Most parents are worried about their children’s future. Educating them, teaching them the right values, inculcating compassion — the list is long. More importantly, will children manage money judiciously?

Preparing them for this is not a difficult task. It can be achieved by ingraining the basics of finance at a young age. Here are a few suggestions to meet this objective.

Tell a tale

The best way to introduce financial concepts to children below five years is through fables such as The Ant and the grasshopper, The three little pigs and The thirsty crow. For instance, in The Ant and the grasshopper tale, the lesson can be “for tomorrow's success, you have to start working today, and those who do not plan for the long term are doomed to fail in life”.