How To Teach Money Concepts To Children

In a recent webinar, experts said having conversations and applying innovative ways can help teach children about money concepts

Planning for children’s future is one of the most important goals for most parents. But what is equally important is inculcating the right financial and savings habit among children so that they can build a secure future for themselves when they are ready for it. A recent panel discussion, organized by Aditya Birla Sun Life Mutual Fund in association with Outlook Money, discussed this important aspect. The topic of the discussion ‘The ABC of Money: Guiding Children’. The panelists were K.S. Rao, head of investor education and distribution development at Aditya Birla Sunlife AMC; Amit Trivedi, an author, speaker, blogger, and trainer; and Shweta Jain, a certified financial planner and founder of Investography Pvt. Ltd. The panel was moderated by Nidhi Sinha, Editor, Outlook Money.

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Rao said that it is important to teach financial literacy at the school level but since that is not a reality, parents need to take up this challenge themselves. “Parents are the best teachers when it comes to values, whether it is about teaching the value of money or other values. to teach anything, and not only the value of money, but even moral and social values. They can lay the foundation for children.”