People can improve their economic education during the New Year.
CHARLOTTE, N. C.- Some people use the new year as a restore after the holiday season of gift-giving, taking advantage of the chance to establish new routines like spending more money.
Given that some children have received monetary gifts over the holidays, a local financial professional spoke with WCNC Charlotte anchor and reporter Jane Monreal about encouraging children to practice good financial habits during this time.
It’s never too early for parents to teach financial education, according to Pawan Murthy, CMO for the family electric pocket system, Rego.
According to a study by Purdue University, children start developing their financial practices by the age of 7. Additionally, they are keeping an eye on their kids to see how they spend and save, Murthy said.
Murthy, who is the family of two teenagers, claimed that financial literacy may be divided into two parts.
A checking accounts is what, exactly? What exactly is a saving account? An interest rate is what? Describe a credit rating. It is extensively covered in schools. Murthy remarked. We believe that the experienced component of it is missing. The act of earning cash and then using it for something is that.
He gave families three pieces of advice to share with their kids.
The second piece of advice is that kids get a great experience when they make money and then use it for something. Therefore, Murthy said, “We think it’s a good idea to find someone or something you want to buy them something for, but after that, have some housework done. Or perhaps they sell something they don’t need anymore, earn the money, and spend it themselves.” Additionally, if you use the Mazoola application, you can control how much money you earn and spend on the tasks you complete before spending it on that particular person. Or perhaps it’s a charitable endeavor that you want to contribute to this wonderful experience that children have when they can really participate in that economic transaction.
Given that bloggers are promoting a variety of products on social media, Murthy said that the next idea is primarily for parents.
Today, parents would need to exercise additional caution in how their children spend their money, Murthy said. My friends’ children had been burned. They would send money, but either nothing would happen or they would receive something that wasn’t what they had been promised. Therefore, parents can restrict where and how much their children spend their money by simply being more cautious about what that is and having a family modern wallet app that enables parents to do so.
Teach children how to invest in the stock market, according to Murthy’s second advice.
Murthy said, “The children can see their purchase increase and stretch, and finally they can get excited about making money while they’re sleeping.”
Murthy claimed that Rego’s Mazoola app can assist families in managing how and where children earn money, as well as by putting safeguards like spending restrictions on their children so that parents won’t be charged an unexpected fee for their credit card.