Abida Khan
This is a subject which many families, especially parents tend to debate, introducing children to money.
When is the right time to introduce a child to money?
Firstly, there’s no right or wrong time to introduce your child to money, it all depends on your family dynamics and the way in which you view the subject of money and children. It is my personal belief when a child reaches the age of 7 years old, he or she knows right from wrong, and to differentiate between good and bad. At the age of 7, a child’s mind has reached a certain level of understanding and they are able to take on additional responsibilities, such as money.
Money can be a touchy subject for many, depending on your cultural background as well, because in some cultures the head of the household namely the father handles all the financial matters and spends in accordance with the needs and wants of the family; and children aren’t allowed to get involved with money.
Again, as I said it all depends on how your family views the issue of money and children.
From my personal standpoint I remembered when I was first introduced to money; it was a few months after my 7th birthday, my parents sat me down and explained about the importance of money and its acquirement. They explained how money (the care and handling of it) is really a responsibility which shouldn’t be taken lightly.
I remembered feeling a bit overwhelmed at the time, as I thought, why would my parents give me such a huge responsibility. My parents sensed my anxiety and explained they’re bestowing this responsibility upon me because; they had faith in me, in using my judgement in spending money. I was always taught only to spend on things that I really needed and not wanted, as our wants change every day. What we may want today, we may not want tomorrow and being only 7 years old at time, that statement rang true, and if I may say so, it rings true even in this present day.
My first ever ‘pocket-money’ was $20 (at the time it felt as though I was given a million dollars). In our home we had a ritual; whereby every Saturday we went shopping and I remembered browsing the toy store and seeing a teddy bear. My dad noticed me admiring the teddy bear and said it’s for $12 and he reminded me I had my own money, so I could buy anything I wanted. I immediately got excited, I started calculating and debating in my head if I spent the $20, on a $12 teddy bear I would only have $8. My internal debate lasted approximately 15 minutes and I decided against buying the teddy bear.
After we left the store, my dad asked me why I didn’t buy the teddy bear, I told him; I didn’t think it was worth it. I went on to explain that I could buy something much more useful for him and mom with that $12. My dad looked at my mom and smiled; his smile that day made me realise the reason why they had given me money. It was to teach me the value of it and for me to use my judgement when it comes to spending money.
As old as I am now, I still utilize the same rationale which I was taught at 7 years old, in spending money and believe me it always comes in useful.
My advice to all parents who are thinking about introducing their children to money, is take the time to talk to them and explain about its importance; you’d be surprised how much they’ll impress you with their judgment once given all the necessary information.
Oh by the way if you were wondering, my dad bought the teddy bear for me, which I still have it to this day and whenever I look at it, I’m reminded of how proud I made my parents.
