Frank talk about money: financial literacy for children

Frank talk about money: financial literacy for children

According to the USAID Financial Sector Transformation Financial Literacy, Financial Inclusion and Financial Welfare in Ukraine study, Ukrainians have the lowest level of financial literacy compared to other countries - 11.6 out of 21 points. And this knowledge is very important for the life and future realization of the child in society. That is why Code Club Ukraine in partnership with Tas Life organized a webinar for parents and an intensive financial literacy for children.

The most common mistakes of parents and children in financial planning, rules for handling money and life hacks were told by Tas Life experts at the Code Club Ukraine webinar "How to teach children financial literacy". About 200 parents from different regions of Ukraine joined the audience. The speakers were Roman Babych, Project Development Manager of TAS Life's partner network, and Natalia Stykhalska, Head of Marketing at TAS Life.

Children are our mirror image. And if we do not raise any issues, it does not mean that they do not exist. Therefore, parents must understand the peculiarities of children's perception of money. According to marketing research, the main problem is that:

- Children do not know the price of money and therefore constantly ask to buy something
- The child is not ready for independent living
- Children do not see a connection between their actions and the amount of money
- The child does not want to earn
- Children are more vulnerable to fraud. Without preparation, the child does not recognize deception, because she does not yet understand the risks and trusts everyone in a row

If you close your eyes to these problems and do not talk to your child about money, she will not be able to manage them in adulthood. Therefore, we offer some tips to help teach your child to understand the value of money.

Explain to the child what money is. First of all, you need to tell him how they came about and what their main function is.

It is best to introduce children to money through games and experiments. To teach a child to treat money carefully. You need to be able to have and spend money.

Teach your child to think in terms of “money.” Encourage achievement and motivate leadership. And in no case do not pass on to children your adult problems - do not complain to the child about the mortgage and a small salary. This can instill in the child anxiety related to finances.

Form a "correct" attitude to money. Desires are usually more than money. Help your child transform his "wants" into a specific financial goal. He must learn to make choices - to give up the superfluous in favor of something more important and valuable.

To begin with, deal with financial literacy yourself. Children learn by looking at adults. So you should deal with your financial habits. If you plan your budget, spend money wisely and protect yourself from risks, your child will learn to do the same.

The continuation of the webinar for parents was an intensive financial literacy for children Code Club Ukraine in partnership with Tas Life. The pilot project became so popular among our students that it was decided to continue it. In order not to miss the new sets - follow our news on the site, subscribe to social networks and newsletters!