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Children must get money education

2018-08-08  Staff Reporter

Children must get money education
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People around me mostly complain about how tough times have become with everything getting more difficult at every new stage of life as you grow.

The youth mostly complain about everything they do not like, even if it concerns them or not, while the older generation is more specific about what they complain about. What the youth and others all complain about unanimously is money or a lack of it at least. Financial management is a skill that I believe should be taught as early as possible to a person, as it is something we will be dealing with for the rest or most of our lives. It is something that the youth struggle with, as it can be seen by the HUGE amount of debt owed to the banks, mostly by the youth.

It is very important for children to understand that financial matters are very important so that they can take financial decisions independently. The burden of teaching children about money lays mostly on parents because they are the first teacher in a young person’s life. Most people start dealing with money in their early youth, but I believe parents should let a child experience the difficulty of earning money.  They could either advise their young ones to have a part-time job in which they can be partly independent financially, or reward them by giving them money or presents after achieving a specific goal. This way, the child will not grow up to be spoiled and will appreciate the worth of money. They should be taught that nothing comes easy.

Children should be able to manage their money. A good step is to start giving them monthly expenses and ask them to use their money during a whole month without ending up being broke. This is much more difficult than it seems. This will help children notice where they spend their money, and improve their money management skills. Something that is expected of children is to reduce personal expenses and save their pocket money to buy whatever they desire. For example, if a child ask for a new iPhone when her previous phone is working perfectly, she must be motivated  to buy it with her own savings. People become aware of the difference between their needs and luxury when they have to buy something with their own money that they earned and saved, and they learn how to always keep an adequate portion of money aside in case of an emergency. 

With trade wars going on and increasing debts in the country, I believe that financial education couldn’t be more important now. The youth should educate themselves about finance and develop their critical thinking. Parents should start teaching their children so that they do not suffer from money issues by the time they begin earning for themselves. Say less, think loud!

* Olavi Popyeinawa has a diploma in Alternative Dispute Resolution and is currently studying law, LLB at the University of Namibia (Unam). He will weekly contributing this column on youth mattersInstagram: niceguy_olavi Facebook: Olavi Longfellow Twitter: @OlaviPopyeinawa

2018-08-08  Staff Reporter

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