Everyone seeks economic stability. Having financial solidity is very important for life and society. With better economic condition comes a better opportunity, which makes life easier. It is equally important to stay alert to face any untoward situation or economic turmoil, as calamity can befall anyone anytime without prior notice.  Moreover, calamity can be anything ranging from financial crisis, health crisis, crisis caused by natural disaster, or by sudden death of a family member and so on. Like in the present situation, the threat of the widespread Covid19 pandemic is a global crisis that everyone is struggling with.

The threat of this pandemic has changed many things – some positive and some negative. However, things like shutting down of businesses and loss of jobs have brought about financial instability for many. Not only this, the financial uncertainty caused by the deadly disease is expected to continue for long.

This economic up and down has changed people’s lives and their perspective for the future. Unlike earlier, people are now conscious about how they spend. Rather than going for luxuries, they are now sticking to the basic needs. Since, nothing can be predicted about the normalcy of the current economic turmoil, people are more likely to stay in charge of their finances to be able to control it.

The current situation has taught us about the need of preparedness to face crises, especially financial crises. Moreover, it has also taught us one very important thing – ‘why it is a must to teach financial learning from a young age’. Our culture is such that people generally don’t involve young members of the family in financial matters. The normal thinking is that they should not panic or get disturbed because of any financial crisis. Thus, any news pertaining to financial havoc is hidden from the young family members so that they can focus on education and activities.

However, the fact is financial capability of children develops at a very young age and it is the best time to prepare them for economic challenges to be faced in the future. It is important to make them aware of earning money as well as saving & spending responsibly. The more the kids are financially capable, the better their chances of facing challenges in the future.  Further, it allows children to understand that they can have control over their finances and it helps in inculcating the value for money among kids.

Here, the role of parents is pivotal in imparting financial learning to kids early on. Parents are the first source for kids to learn about finances.  Parents must also understand that the skills of financial learning are cultivated over time. So, they need to maneuver things in a way to help kids save and invest more.

Here are some tips to prepare children for financial learning in a better and efficient way:

• Instill in your kids a sense of discipline about money to make them financially independent.
• Make kids understand that the flow of money in limited and it is important to think before spending
• Impart financial literacy to kids to let them have healthy money management skills
• Let them learn from their mistakes as it is the best way to learn.
• Also, let them know what went wrong to ensure that the same mistake doesn’t get repeated.   

Some people might argue that financial learning at a young age is nothing but burdening kids with excess load on money matters. However, the fact is, this excess load is sure to reduce the huge burden from these children when they grow up and face the real economic conditions.

Here are some reasons why it is important to teach kids financial learning from early on in life:

• It helps in inculcating the habit of saving, which comes handy during any situation causing economic turmoil.
• It ensures long term financial well-being of the children and help them grow into financially independent beings
• It creates awareness among kids
• It help kids with financial discipline
• It also help kids realize the family’s financial needs and conditions

Overall, it is certain that financial learning among kids is significant and slowly and gradually people are realizing the same. It is important for parents as well as teachers to help children gain more and more financial knowledge.

Zoylu.com is one platform that has been working towards this goal. We help parents and children through different apps and features to attain financial literacy and to help kids make financial decisions.