Money Parenting – Dear parents! Taking care of children is not an easy thing to do. Every parent wants the best for their child. Various parenting patterns are carried out so that children grow into good individuals. Parents teach children about religion, ethics, discipline, responsibility, and others.
However, parents often forget to introduce financial science or money parenting to the child. What is it? money parenting that?
Money Parenting is the process of educating or teaching children in terms of financial responsibilities related to money. Teaching financial science to children is very necessary to build a strong foundation in preparing children's future.
Then, why should we as parents care about our children's financial literacy level? Come see the following article!
Also Read: Consequences of Low Financial Literacy: Don't Let Them Happen!
In fact, learning about finance is not only needed by adults. Children should be taught financial science for their future benefit. Therefore, money parenting important to do early. Want a more in-depth explanation about money parenting?
Come check out the related webinar Money Parenting presented by Anastasia Satriyo, Child & Adolescent Psychologist!
How to Start Applying Money Parenting
Preparations to secure a child's financial future must be done from two sides – both from the parents' side and from the child's side.
1. Financial Preparation from the Side of Parents
Before teaching finances to children, parents must understand very well how the family's financial condition is, especially the financial condition for children's education. According to data from the Central Statistics Agency (BPS), inflation arising from the education sector causes cost of education going up from 10 to 15% per year.
Therefore, parents must prepare funds for their children's education to a higher level. How to? Parents can start by saving 20% of the income received, specifically for education funds. In addition, parents must also have life insurance for breadwinner family so that they are able to pay for the needs of the family and the education of their children.
2. Preparation for Learning Financial Matters for Children
Money parenting aims to instill good financial habits so that children grow up to be financially responsible individuals.
Dear parents, You should know, only 33% Indonesian parents believe that they have succeeded in educating their children about finance. Not surprisingly, according to a survey by Bank Indonesia, the level of financial literacy of young Indonesians only reached 16%. Therefore, it is very important to start doing money parenting for children from an early age.
There are several ways that parents can do to prepare financial lessons for their children, starting from providing pocket money regularly, involving children in family financial decisions, and discussing financial situations with children.
Want to know more? Let's see the following tips!
3 Financial Things to Teach Children
1. Instilling Value for Money
Give your child the view that money doesn't grow from trees. It takes hard work for a person to make money.
How to instill the value of money in children? You can start by giving them special assignments so they can feel that they are getting money from their own business.
Parents can ask their children to do simple chores, such as cleaning the bed, sweeping, helping with cooking, and so on. In this way, you can build habits and give satisfaction to your child so they can understand that to earn money they have to do work.
2. Involving Children in Financial Decisions
Dear parents, Are you a parent who is reluctant to involve your children when making financial decisions or not? If so, you have to change that thinking.
Experience is a lesson that is easily absorbed by the child's thinking power. Therefore, try to involve children in simple things related to money, such as when and how much budget to buy shoes, toys, or clothes.
When shopping monthly, involve children in buying snacks or snacks. In addition, you can let your child transact while you are shopping, let him pay and receive change. You can also teach your child to count and check the money he has.
In that way, children will learn to value money and use money more wisely.
3. Discussing the Financial Situation with Children
Inviting children to tell stories and talk about finances is also necessary. You can take advantage of the time you have by discussing finances with your children. Start by telling your parents work and how to earn money.
You can also invite children to discuss if there are problems in finance, for example when experiencing financial difficulties. Make children understand the financial situation that the family is facing by discussing each other and finding solutions together.
Also Read: Low Financial Literacy? Wiz The Solution!
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1. Participant Requirements:
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a) Program participants have met the requirements 1 no (a), (b) and (c),
b) Prizes in the form of balance bonuses worth Rp. 100,000, - which will be given to the first 50 people every day during the program period
c) Have never made a claim for prizes from any promo program organized by Whiz or Whiz mitra partners
d) Only new user data that has met the requirements will be taken into account as the basis for claiming prizes
e) Prizes will be topped up to the Main Wallet Balance of the Winner's Whiz account by December 19, 2022.
3. This program is voluntary and free of charge.
4. Determination of Winners is the absolute authority of Whiz.
5. Whiz has the right to cancel the program at any time or cancel the awarding of prizes if in participating in this program the Participant is indicated by fraud without needing to be proven to the Participant.
6. These Terms and Conditions may change at any time according to Whiz's policy.
7. The program does not apply to Whiz employees.
8. Participants agree to these terms and conditions by participating in this program.
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