What do Indian parents normally discuss with their kids? The topics range from morals to health to habits to social values. Rarely do parents discuss money with their kids. Money is an “adults only” topic in India and kids are not supposed to be worrying about it. But the times are changing. It is up to parents to teach their child financial education at an early age and then develop these skills as they go along. You do not want your kid to be a money-alien when they grow up. Here are six key things that parents must teach their children starting at an early age and move on progressively as they grow up.
Power of basic budgeting
You can start this as early as the age of seven or eight years. When you send your children to the neighbourhood grocer to buy things for the house, let them take responsibility for the cash they carry and bring back. This will instill financial diligence in them.