facebookWhen and how should I start teaching my kids about money/financial matters? - Seedly

Kelly Trinh

Backoffice technical at financial services firm

07 Dec 2019

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SeedlyAMA

When and how should I start teaching my kids about money/financial matters?

Not really the sharp end of financial markets or building a retirement nest egg - just the basics such as function/value of money, what banks do, what is credit.

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Hi there, I start teaching my son about financial literacy when he was 13. I think 13 year old is a good start where he already know how to transact like buy stuff using cards and etc.

I got this advice quite early from some people who professionally manage money for quite well off people.

Start talking about financial sense - ASAP with your kids. And importantly, the advice was, try and have a schedule to talk to them regularily about this

I think starting at primary school will be good - or when they start having an allowance. Before that you can bring them to the bank to deposit their ang pow money and explain what a bank does. But in terms of savings, time value of money it would be good to wait till primary 1.

In terms of details on the financial markets I actually feel that it will also be good to expose them to it in mid primary school as well. My parents did that to me - by discussing relevant news and encouraging me to read the financial section of the straits times and business times. There are also some games available that do help to teach some useful concepts.

Start as young as possible. Building financial knowledge takes time and especially the topic of compounding requires a long aount of time as kids need to see how the money grows to understand it well

From the moment they start handling money ie. how they spend the pocket money you give them....

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