Why parents need to be involved in the money conversation with their children
A $5 experiment and a playground trip taught me that good money habits require time and effort.
Parents must actively participate in discussions about money with their children, as hands-on experiences and interactions with financial experts help build confidence in making spending decisions. Shopping trips with UOB Heartbeat volunteers have proven effective for this approach, teaching children practical budgeting skills and the ability to recognize deals and value for money.
At home, parents can reinforce these lessons by engaging in simple conversations about daily spending, such as asking their child what they bought at the bookshop and why. Encouraging children to distinguish between needs and wants, even if they justify their desires as needs, is crucial for developing financial responsibility. Activities and educational displays at places like Curiosity Cove can supplement these conversations, but ultimately, parents must take the lead in guiding their children through the intricacies of money management, ensuring they develop a comprehensive understanding of financial decisions.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
