Algebra, learning how to write a Japanese Haiku or who won the Russian Civil War seem useless in our modern day world of computers and corporate speak.
One thing we’re not taught is how to look after our finances – something that affects all of us, not like the subjects above which only come into use if you choose to be an English professor or historian.
Aussie’s Founder and Executive Chairman John Symond believes it’s important to develop good saving skills from a young age.
“Many young people don’t value money and believe credit is easily obtainable, without having the discipline to pay it back,” he said.
“Almost one third of all personal insolvencies in Australia last financial year occurred among people aged 35 and under, which is a frightening figure.”
He said the best place to start learning how to respect money was at home, and parents are the best teachers.
FIVE TIPS TO HELP YOUR CHILDREN RESPECT THE VALUE OF MONEY
POCKET MONEY – The old-fashioned weekly allowance is a good way to start teaching children to save for the items they desire, rather than buying them on demand. Start with a small sum, say $10 per week and allow them to manage it.
OPEN A SAVINGS ACCOUNT – Open a savings account for your children with a passbook rather than a card, which makes it harder to withdraw the funds.
TALK TO THE SCHOOL – Find out from your children’s school whether it has a money education program and see how you can help your child put these initiatives into practice at home.
AFTER-SCHOOL JOB – If your children are at an eligible age, encourage them to get an after school job with minimal working hours.
TALK ABOUT MONEY – Most importantly, always be open about money. If they know they can come to you if they experience money problems at an early stage, it will be easier to help guide them back on track.