Summer vacation is a great time to teach children savings and financial tips

Times of Oman

2 days ago

Muscat: Summer vacation is an ideal opportunity for raising the children's awareness and acquainting them with savings and development of their entrepreneurship skills. Specialists view educating the children on planning their expenses at an early age would contribute to building their personalities on the principles of responsibility and self-reliance.
Raja bint Abdullah Al Saidi, Psychiatrist and Behaviour Modification Specialist, said that the family environment is the first school from which a child learns financial matters.
She said that the family may start familiarising the child with the management of funds from childhood. As the child grows he/she sees his/ her parents planning their monthly expenses, and then starts acquiring such skills and behaviour.
On the innovative tools that encourage children for saving during the summer vacation, she said that the digital growth currently witnessed including the applications of Bankaroo and PiggyBot is designed for children to learn management of their funds.
Family counsellor, Falah bin Hassan Al Lawati said that giving the child regular training during summer or throughout the year is something positive.
Giving the child pocket money would help them learn the financial planning skills and how to make decisions, he added.
Parents make mistakes when they intervene in financial decisions of their children, he said, adding they should be given the opportunity to rely on themselves.
Yousef bin Rashid Al Mafraji, awareness and financial culture instructor, said that the summer vacation is a good opportunity for the child to learn important life skills, notably the way to manage money/expenses.