One of the reasons many of us have financial challenges is
because we don’t have an understanding of money. Our parents never
taught us about it, and the schools totally overlooked this field of
study. Our children therefore deserve better so we must commit to
providing financial training for them.
Various experts differ regarding when to start training
children. Lessons should begin when a child starts to handle certain
responsibilities in the home, which is usually from the age of five.
During this time African children are taught mostly moral values,
however money values should also be inculcated.
Having financially illiterate children is costly in the long run due to the fact that:
These children will end up continually demanding for
financial assistance from their parents far into adulthood. They were
not taught that all their wants cannot be met. They possess an
entitlement mentality that manifests in them believing that their wants
must be met always.
Financially illiterate children are more likely to explore
other means to acquire the resources that they require. They delve into
crime and other vices to get money. They were not instructed on how to
acquire wealth properly so they believe that anything goes when trying
to make money.
Resources given to them will be squandered away. They
don’t understand the purpose of money, thus abusing money will be
inevitable. Children must be taught right from early childhood that
money does not fall from trees. Money is gotten as a result of labour.
It is earned not wished for.
They give money too much place in their lives. There are
people whose every actions are guided by money, to the detriment of good
relationships, peace and joy. Money has become their master and it
determines their moods, attitudes and beliefs. There is more to life
than having a lot of money, many who have lots of it are equally
unhappy.
Your children are unlikely to be of much
help to you in retirement when you can no longer work as they will still
be struggling to develop financially. It is a desire of many parents to
expect support from their kids when they grow old. Children who can
barely support themselves cannot support their parents.
The predicament of living in lack and poverty will be
transferred to the next generation of family members with the cycle
repeating itself if the children lack financial literacy. Education is
the best legacy you should leave your children, most especially sound
financial education.
The likelihood will be high that they will live a life
devoid of meaning and purpose when they don’t understand finance. Lack
is likely to birth frustration and anger towards others who have and to
their parents who they may feel did not work hard enough to provide
wealth for them.
Wealth and riches abound in Africa, why else are African
countries filled with plenty of foreigners looking for opportunity?
Sadly we seem not to know what we have, precisely because we have not
been properly equipped to create wealth.
Wealth creation starts from the home. The truth is that
parents cannot give what they do not have. The onus is therefore on you
to start developing yourself financially so you can share this
information with your offspring. It is your responsibility to ensure
your children are put in a position to exceed your achievements and not
be a burden to you later in life. An investment in your kid’s financial
literacy will pay huge dividends in the future.
Kenneth Doghudje
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