Parents should teach children about the importance of money

Parents should teach children about the importance of money. Do you agree or disagree?

Give your own reasons and include examples from your knowledge and experience.

Solution

Money may or may not be the root cause of all evil, but the truth is that money is essential for the survival of people. Children are too young to fully understand the value of money or its significance in their lives. Still, I agree that youngsters must be taught about the significance of monetary resources and finances.

The first benefit of guiding about the significance of money to young children is that it allows them to understand the value of money and how to prioritise spending on different things between necessary and unnecessary. It would prevent them from spending on unnecessary objects, thus making them wise spenders, leading to better savings. Further, it makes them wise spenders and good investors in the future. Many people who lack financial skills have gone bankrupt in the past because they did lack effective skills to handle and invest money. Thus, knowledge about monetary resources will safeguard their lives against such naive moves.

Additionally, teaching about money and how money grows is also a very good way to impart some mathematical and financial concepts and calculations they might use throughout their lives. For example, the concept of simple or compound interest calculations would be easy to grasp for young children in schools when they have already inherited these concepts from their parents and guardians.

To conclude, parents should teach children about money. This helps them acquire many life skills which will stand them in good stead when they start living on their own. Children who are involved in the financial matters of the family from an early age learn to appreciate their parents’ hard work. They also recognise the importance of spending money wisely.