How to inculcate financial literacy in children

It is never too early to start teaching children about money. However, to get it right, make it fun to build interest through games and activities. [iStockphoto]

Financial knowledge for most of us while growing up was a rare discussion. It was simple; money was for grown-ups, period. Over the years a realisation dawns of the importance of financial literacy at an early age. Many of us might have made different choices if we had been equipped with the knowledge to make informed financial decisions early on.

Parents and learning institutions often focus on teaching children essential life skills such as reading, writing and curriculum courses. However, one crucial skill that is sometimes overlooked is the knowledge required in decision-making regarding personal finances. Understanding the value of money and the importance of budgeting, saving, investing and managing debt are skills that can benefit one throughout their lives.