subject: Online Financial Literacy For Kids [print this page] Online Financial Literacy For Kids
Today, financial literacy for kids can be a vital aspect of their lives. This kind of literacy provides the skills and knowledge that can help a kid to make informed and effective choices through his basic knowledge about money. Many of the children nowadays look at money as something for buying things.
In a lot of economies, this type of literacy among children is a foreign concept in high school or elementary school. This has led to serious consequences. Through instilling this knowledge in the minds of children, you develop for them a lifetime of financial responsibility and prosperity.
Depriving kids of such knowledge at an early age could make them age without having personal savings or savings for retirement. They may also encounter problems of payments of mortgage in their working lives. They could also get into heavy debts and consider themselves bankrupt.
Children should learn how to save to avoid creation of a financially drained generation. If a kid begins by saving several pennies weekly, he will accumulate lots of money during his whole working life of thirty years. If this cash is saved in a bank for all those years, it accumulates a huge interest.
The returns will be higher if the kids begin cultivating the culture of saving as early as possible. Guardians could introduce this concept of saving to their children by demonstrating practically how it can be done. Kids usually do what the parents do rather than what they say. The parent could begin by keeping some extra cash in a savings account or a cash box. Alternatively, he can act like a banker and top up the savings of the kids based on their saving habits.
Financial literacy for kids may be taught at home, in schools and also through internet. There are online programs today plus webinars that teach children how they can manage their money comfortably from home. These programs prepare these children for a bright future that is financially secure.
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