Smart money lessons to teach your daughter

In many Kenyan households, girls grow up without receiving key financial education. Society often prepares boys for financial matters from an early age, teaching them to open bank accounts, invest and manage allowances. In contrast, girls are guided towards nurturing roles and rarely taught how to handle money.

This cultural neglect can become a burden when women find themselves managing households, running businesses or caring for families alone. In today's world, financial independence is demanded of both men and women, meaning that daughters need these skills as much as sons do.

To explore how mothers can address this issue, I spoke with Mr Mbaya, a renowned economist and financial expert based in Nakuru County. He believes that mothers can set their daughters on a path to financial confidence and empowerment through simple, practical steps from an early age.

“Start with piggy banks,” he advises. When a young girl physically deposits coins into a jar, she learns that money is earned, limited and valuable. Counting coins sharpens her awareness of currency handling and helps her to distinguish between wants and needs. He also recommends rewarding chores with earnings rather than taking them for granted. “Link allowance to effort,” he says. “This shows that rewards come from work.” This lays the groundwork for a sense of responsibility and respect for money.

As her understanding grows, Mr Mbaya suggests introducing her to the concept of smart saving and spending. When she saves up for a toy, a book or even a school project, she naturally learns about budgeting. The simple 'two jars' method — one for spending and one for saving — helps her to see how money can be allocated tangibly.

Later on, mothers should help their daughters understand the difference between good and bad debt. "Explain that borrowing for education or investment can create future wealth," says Mr Mbaya, "while credit card debt often causes stress." This conversation encourages financial foresight and risk awareness.

He also recommends introducing children to investing at an early age, perhaps by demonstrating how interest accrues in a savings account or by using a simulation app. "Show her how compound growth works; that sparks curiosity and a savings mindset," he notes. Importantly, he emphasises the importance of leading by example. Let her see her mum comparing prices, saying no to unnecessary purchases, saving deliberately, and managing household finances thoughtfully. Authentic modelling provides powerful lessons.

Finally, he urges mothers to discuss long-term financial security, including education funds, retirement savings, and emergency reserves. Even a simple explanation of how small savings today can yield future peace of mind encourages forward thinking.

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This guidance is supported by robust local evidence. A study by the Adolescent Girls Initiative–Kenya (AGI-K) in both Nairobi’s Kibera and rural Wajir found that combining financial education with savings accounts significantly increased young girls’ financial literacy and savings behaviour. When girls aged 11 to 15 participated in structured sessions and practised saving through piggy banks in rural areas and junior bank accounts in urban settings, their savings rate increased from under 1% to over 40%. These gains helped reinforce positive habits that support educational attainment, safety and economic empowerment.

With this in mind, mothers can start today, regardless of their resources or background. Start the conversation in the early years, reinforce it during adolescence, and continue it into adulthood. Help your daughters develop good financial habits, personal agency and long-term planning abilities.

As Mr Mbaya reminds us, 'Teaching your daughter how money works early and often gives her the power to make choices, solve problems and lead her own journey.' By using piggy banks, setting up chores, encouraging goal-based savings, teaching them about smart borrowing and providing clear examples, mothers can raise daughters who grow up feeling confident about money, independent in spirit and ready to thrive at every stage of life.