Tell me if this sounds familiar: You gather all your children together to teach them about money. When they finally stop squirming and pay attention you hand out a bunch of coins to each of them. You all count out the coins together and then they either put it in their wallet to go spend or in their piggy bank to save for later. And you believe that you’ve done well and equipped your children with a lesson on the value of money. But what if I told you that this timeless ritual might actually be harmful to their financial development?

The way we interact with money has shifted radically and judging by the levels of consumer debt, we are not equipped to navigate it responsibly yet. Digital money has made paying more convenient than it ever has been. At the click of a button or the tap of a phone, whatever you desire is yours, whether you have the funds available or not. But greater convenience comes with greater responsibility and a new set of skills to hold yourself accountable.

The problem is that children are not taught these skills from a young age, instead, most parents and schools teach them that money is something tangible you hold in your hands. Children learn to value what they can see and feel, and learn to compare the value of the coins they

 hand over to the value of what they receive. During their fundamental development phase, we programme our children to associate money with cash. And then we shove them into a world where all their money is digital.

Our schools tend to make the same mistake. Most schools encourage parents to give younger children cash. And then they repeat the process above, taking them to the tuckshop to spend the coins they have just counted out. Then a year later, the school drives a cashless approach where each child needs to have a card or payment armband with no way to equate this new digital payment with the money lesson so painstakingly engrained just the year before.

The good news is that this mistake is easy to fix. Next time you hand out money, rather do it digitally. Tell them how much they have and have them figure out how much they have left after buying something. Better yet, get them a card and make them responsible to keep track of how much money they have left on it. You can build them a foundation of valuing digital money with the same passion as we were taught to value the tangible form with this simple change in approach.

Sticitt has dedicated itself to helping you make these subtle changes in your approach because we believe they hold the key to a better future for our children. Doing small things differently encourages the correct behaviours in your children. These behaviours over time form habits that will serve them well throughout their lives. And we as Sticitt have made it easier than ever to guide them towards the correct financial behaviour.

Reach out to us to set up your school or your home as an environment that nurtures their future financial success.

WhatsApp us | 083 449 9216  Give us a call | 021 300 4743 or Email us | support@sticitt.co.za