Most of us would have been introduced to a piggy bank as children to learn the importance of savings, perhaps the only way a whole generation of parents used to impart money lessons to their children. It is essential to learn good money habits as children and the sooner you teach your children, the better prepared they will be for the future. There isn’t a fixed age when you should start teaching your children about money.
“Children observe parents very closely and therefore the money behaviour of parents tends to be the biggest source of learning for them. Thus, parents need to act like role models for their children with respect to money matters,” said Vishal Dhawan, founder and CEO, Plan Ahead Wealth Advisors.