Page 33 - FWG_Issue 7_2022

Today’s Child

buy a vehicle on credit vs buying it outright, “We need to drive a savings
debating whether vehicle hire would be an
option or merely using Uber for the odd culture to break the cycle of
occasion – these are all useful ways to get
inter-generational debt”
kids more in touch with the realities of life.

BOOKS AND ONLINE COURSES PREM GO VENDER, SOUTH AFRIC AN S A VINGS INS TITUTE
There are various books on the market that
could give you some guidance as a parent,
such as Finance 101 for Kids, Teaching Kids
about Money, Money Smart Children and designed to teach the kids the value of long-
Make Your Kid a Money Genius (all available term investing and it also makes them aware
from Takealot.com), but sharing that of what the risks might be.
information with kids may be a challenge.
OTHER ONLINE OPTIONS
The other option is to have them go online. If you’re not sure about committing to an
MoneyTime SA (www.moneytimekids.co.za) entire series of the MoneyTime SA modules,
offers a financial literacy programme for here are some YouTube video channels you
tweens and teens aged 10 – 14 years. It’s an can try:
online course that does the teaching for you • Learning Mole
– which is great for this generation because • Easy Peasy Finance
they hate being told what to do. • Smart Kidz Learning
• The Rich Dad Channel
This course allows kids to work through • TEDx Talks
the programme independently and there
are quizzes and tests that earn them virtual CHANGES IN ASPIRATIONS
money once they have completed the Although we can all accept that what one
modules and answered the questions – so generation prioritises is not necessarily
much better than being paid for doing something that will even be relevant
chores! Their earnings go into a ‘Current’ for future generations, if the crisis of the
account and they can choose to spend, save, pandemic has taught us nothing else, we
invest or opt to donate a percentage of their can appreciate that financial stability is
virtual wealth to charities. imperative if we want to live healthy, happy
and relatively stress-free lives.
Adding another dimension to their financial
literacy journey is the link between career Many school leavers, however, are
choices and earning potential. Each child questioning the aspirations of owning a
starts as a gardener. They can work their property, driving a fancy car, embarking on
way up to a better-paying occupation by a high profile (and often very demanding)
investing in further education. For each career – and maybe even whether they
position on the pay scale, there’s a cost to want to have kids or not. Some place more
achieve a better qualification, but the trade- emphasis on having more freedom to
off is that each time a module is completed do what makes them happy, opting for
at the higher level, they are paid more. a more experiential lifestyle, rather than
This establishes the important connection accumulating a lot of material possessions
between seeing education as an investment, that will undoubtedly weigh them down.
and a route to earning more income by But even this option must surely involve
becoming better qualified. some kind of financial stability.

NET WEALTH The bottom line is that it’s great to be ‘in
The MoneyTime SA course also shows that the moment’, spending without a care in
earning money by working (to complete the the world to achieve that ‘feel good’ factor,
modules) is not the only way to increase one’s but adding a long-term component to
net worth. Earning interest on savings and their outlook on life could lead to some
getting a return on investments are essential ‘sensational moments’ further down the line,
ingredients to achieving growth. As they if your kids are conversant with all the right
complete more modules, more opportunities strategies to make the best of the financial
Image by Steve Buissinne
to invest are opened up. This section is resources at their disposal.

References: https://savingsinstitute.co.za/, https://moneytimekids.co.za/, https://en.wikipedia.org/wiki/One-child_policy,
https://www.reuters.com/article/us-southkorea-fertility-rate-idUSKBN2AO0UH

Fourways Gardens • 31 • August 2022