Page 28 - magazine-jan-feb14

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MONEY MATTERS...
TEACHING YOUR KIDS
THE VALUE OF
M NEY
demonstrate to their
children that mom and
dad go to work every
day to earn money, yet
the child also has a job
which is to attend school
and learn, to play and
to participate in the
family. “It is important
for parents to highlight to
their children that as they
get older, these ‘jobs’ will
slowly start to change and
eventually they will hold
jobs just like their parents
do,” she says.
Also as children get older
and begin to understand
the value of currency; for
example, the difference
between one Dirham and
25 Fils, parents can begin
talking to them about
more complex concepts
such as how credit
cards work, explains Dr.
Steingiesser. “Research
suggests that children
are able to learn about
budgeting from age
seven,” she says,
therefore equipping
children with a solid
understanding of money
will greatly benefit them
in their futures.
When to
Start
Most parents want
to know when they
should start teaching
their kids the value of
money. Dr. Rebecca
Steingiesser, Clinical
Psychologist and Clinical
Neuropsychologist at
The LightHouse Arabia
Community Psychology
Clinic asserts that parents
can begin talking to their
children about money by
as early as age five. “It is
generally recommended
that as soon as a child
can count and can
demonstrate awareness
that money buys things,
parents can begin to take
an active role in teaching
them about money,”
she explains. “Parents
can start by helping to
develop their child’s
understanding of the
difference between needs
and wants; that money
is earned from working,
what money looks like,
and that everybody has
a job, even the child.”
She advises that parents
With the flood of expensive electronic gadgets,
high tech cell phones and costly Play Stations,
is it any wonder that our kids today are losing
touch with the realities of saving money?
HEALTH
examines how parents can inculcate
the value for money and how it’s never too
late to teach your kids how to effectively save,
manage, and handle money.
24
Jan/Feb 2014