The fact that you will have to talk to your child about money at some point is inevitable. It is your responsibility as a parent. Especially since schools do not emphasize this education for the future.
Financial education does not only refer to mathematical education: “5 lei can be made up of 5 1 leu banknotes or 10 50 bani coins or other variants” or to currency education: “there are several currencies in the world: euro, lira, etc.” Financial education refers to behavior, to habits regarding how we act with money. Financial education means: work, the value of money, how money works in society and what we can do with money, how we achieve our financial goals: how we buy the house we live in, how we buy the vacations where we spend our free time and many other things that we need in life or that we want.
Most of the time, a car actually represents a wish.
At the preschool age, demarcations can be made between wishes: a small car at the expense of a bigger one. Small and big means that: the small one is cheaper and we can afford it now, while the big one is more expensive and we can’t afford it now, but later. We can save up for a while to buy the big one. If we buy a small one now and play with it for a longer time and don’t buy a small one every time, after a while (and we give the concrete example, here, to the child), after 10 small cars that we would have bought, we can buy the big car or the truck that you want.
Is financial education important in the first 7 years at home?
As a parent, you want everything that is best for your child.
Do you want your child to have a happy, prosperous life, to have what they want, to achieve what they want? Then the financial education started in the 7 years at home lays the foundation for their professional and personal success, their financial prosperity, learning from a young age what money is, how you earn it and what work means.
At their age – 3-7 years old, work can be something handy: help around the house, but not something they had to do anyway and be part of their daily duties.
The child who learns financial principles from a young age will be able to manage his money in adulthood: his needs and desires, between now and later, what it means to have a small house or a big house.
School teaches our children to know the world. The family teaches the child how to manage in life, how to be well. Information from home combined with the affection of his family, contributes to a harmonious development.
Financial education books for children in Romania
There are now several financial education books addressed to children (including “Mărunțilă și Bancnoțilă” written by the undersigned). In order for them to have financial education starting at the age of 3, within the family, the stories offer, in a way that children understand and in a creative way, basic financial principles. Reading gives parents the opportunity to get involved in the financial education of their children, from an early age. Based on them, discussions can be held such as: the value of money in relation to the work done, the difference between need and desire, between the short and long term perspective. Children alone, through the story, the dimensions of a fairy tale, will learn habits such as saving, money management and the consequences of their choices, and at a subconscious level they will choose, for later, how they want to achieve their goals in the financial sphere.
Financial parenting
Financial parenting is represented by the awareness of the importance of early financial education. The way in which the child learns and discovers the world, at each interval of development, allows him to provide him with concrete information, useful at that moment.
The parent is the “guarantor” of his child’s later success. The parent, through his influence, determines how the child will manage his money: he will spend it or save it, he will invest it or donate it, that is why financial education is important in the first 7 years.
The child assimilates all the information that comes to him; he is a sponge that absorbs all the information. (Maria Montessori calls this phenomenon the “absorbent mind”.)
The child assimilates both the information and the behavior of the adult, that is why, if the parent spends all the money he has, but preaches the concepts of saving and how important it is to save, the child will do what he will see, not what he will hear.
The job of parenting is the most important job.
I suggest you allocate time and study to learn the secrets of financial education for children. This moment is ideal now for his capacity for amplification. Later, he will no longer listen to you, but to his entourage, and then you will no longer be responsible for the education he receives from his entourage.
Success in educating your money, but also your child’s money, and the way he will manage it!
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