Many parents believe that teaching kids about financial literacy and financial independence is important. However, the topic of money can often be a difficult topic to broach and it is hard to know which angle to start off with.
This led a group of Nanyang Technological University students to launch a campaign, Money Talks, to spotlight the importance of childhood financial education. As part of the campaign, they have created a kit that offers money-related conversation kickstarters and activities to help parents easily introduce financial concepts to children between 6 to 12 years old.
Here are four ideas that you can use to kickstart conversations with your kids about money.
Family Conversation Starters About The Importance Of Money
1. Do you know how Mum or Dad earns money? What will happen if we don’t earn money?”
This question helps kids understand early on that hard work puts money in the bank, not magic. This can also be linked to how it is how a parent is able to support them in their extra-curricular activities or even get treats such as toys and snacks.
2. “What does ‘saving for a rainy day’ mean to you?”
It is never too late to get kids into the practice of saving. Letting kids understand why the concept is important will inspire them to think critically and work towards goals more intentionally.
3. “Do you know what a debit or credit card is?”
As kids enter the age of “invisible money”, knowing the pros and cons of cashless modes of payments gives them an edge for when the time comes to actually use them.
4. “Do you need to have a lot of money to be able to share some of it with others?”
Sharing is a great way to teach children to value what they have, as well as build values like empathy and generosity for those around them!
Money Talks Kit
Parents can access the full deck of 12 Conversation Kickstarter Cards via the Money Talks website. While the physical kit has been fully redeemed, the digital kit is still available for download. The kit also include fun activity sheets to help children practise habits such as budgeting.
The team behind the Money Talks Kit project is made up of Asyiqin Musta’ein, Esther Vivienne Yeo Yi Qin, Mallorie Ng Jing Wen, and Melissa Phay Bao Yu, final year students from Wee Kim Wee School of Communications and Information.
Elaborating on the project, Mallorie said, “I personally wish I had cultivated the habit of tracking my expenses when I was younger. Our campaign hopes to teach the next generation young, and we believe frequent and intentional conversations about money can go a long way.”
Visit the Money Talks website here.