One of the reasons many of us have financial challenges is because we don’t have an understanding of money. Our parents never taught us about it, and the schools totally overlooked this field of study. Our children therefore deserve better so we must commit to providing financial training for them. Various experts differ regarding when to start training children. Lessons should begin when a child starts to handle certain responsibilities in the home, which is usually from the age of five. During this time African children are taught mostly moral values, however money values should also be inculcated.


Having financially illiterate children is costly in the long run due to the fact that:

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These children will end up continually demanding for financial assistance from their parents far into adulthood. They were not taught that all their wants cannot be met. They possess an entitlement mentality that manifests in them believing that their wants must be met always. Financially illiterate children are more likely to explore other means to acquire the resources that they require. They delve into crime and other vices to get money. They were not instructed on how to acquire wealth properly so they believe that anything goes when trying to make money.

Resources given to them will be squandered away. They don’t understand the purpose of money, thus abusing money will be inevitable. Children must be taught right from early childhood that money does not fall from trees. Money is gotten as a result of labour. It is earned not wished for. They give money too much place in their lives. There are people whose every actions are guided by money, to the detriment of good relationships, peace and joy. Money has become their master and it determines their moods, attitudes and beliefs. There is more to life than having a lot of money, many who have lots of it are equally unhappy.

Your children are unlikely to be of much help to you in retirement when you can no longer work as they will still be struggling to develop financially. It is a desire of many parents to expect support from their kids when they grow old. Children who can barely support themselves cannot support their parents. The predicament of living in lack and poverty will be transferred to the next generation of family members with the cycle repeating itself if the children lack financial literacy. Education is the best legacy you should leave your children, most especially sound financial education.

The likelihood will be high that they will live a life devoid of meaning and purpose when they don’t understand finance. Lack is likely to birth frustration and anger towards others who have and to their parents who they may feel did not work hard enough to provide wealth for them. Wealth and riches abound in Africa, why else are African countries filled with plenty of foreigners looking for opportunity? Sadly we seem not to know what we have, precisely because we have not been properly equipped to create wealth.

Wealth creation starts from the home. The truth is that parents cannot give what they do not have. The onus is therefore on you to start developing yourself financially so you can share this information with your offspring. It is your responsibility to ensure your children are put in a position to exceed your achievements and not be a burden to you later in life. An investment in your kid’s financial literacy will pay huge dividends in the future.



Kenneth Doghudje
http://businessdayonline.com/2015/05/why-you-must-start-early-to-expose-your-children-to-money/#.VWWNEDhFAdU