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Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
UM lecturers use picture books to teach children about money
Lecturers Shalini Nadaswaran (left) and Vandana Saxena teach kids financial literacy through picture books. (Dinesh Kumar Maganathan @ FMT Lifestyle) PETALING JAYA : An eight-year-old boy from an orphanage sat quietly after a picture-book reading, then raised his hand. 'One day,' he said, 'I want to work, make money, and build a house. Not just for me but for my parents, my siblings, and my uncle, so we can all live together.' He wasn't just echoing the lesson of the book, in which children give their savings to their parents; he was going further. The boy envisioned financial independence not as a personal goal, but as a way of uplifting his entire family. This powerful moment unfolded during a financial literacy workshop by Universiti Malaya (UM) lecturers Shalini Nadaswaran and Vandana Saxena, who use picture books to teach seven- to nine-year-olds about saving, spending and planning. 'It's personal for both of us,' said Shalini. 'We're mothers, and we see how children today are surrounded by advertising. They know how to spend but don't necessarily understand the value of money.' Shalini, whose academic work centres on African women's literature, and Vandana, who specialises in children's and young-adult fiction, saw how picture books could bridge economic theory and lived experience. While the current materials are western picture books, Shalini and Vandana aim to curate more localised content. (Dinesh Kumar Maganathan @ FMT Lifestyle) 'When we read picture books through the lens of literary criticism, especially around economics, we started seeing connections,' Vandana, an Indian national, explained. 'We wanted to bring this into real communities – especially with children from vulnerable backgrounds.' Their 1.5-hour workshop began with a simple question: what would you do with RM100? 'Some wanted cars, jewellery, designer clothes. Others said ice cream. And some, especially from more vulnerable backgrounds, had no idea how money is earned,' Shalini recalled. Then came the read-aloud session – 'The Berenstain Bears' Let's Talk About Money'. The story follows two bear siblings who spend recklessly, and learn to earn and save. But it's what happened after the story that really matters. The same RM100 question was posed again – and this time, there was a shift. 'One girl who initially wanted to buy jewellery suddenly said she would make her own and sell it,' Shalini shared. 'Another boy said he'd now save his money in a bank – because otherwise, he might lose it.' By the end of each session, participants show a new understanding of money. (Shalini Nadaswaran pic) The children begin to grasp not just the idea of money, but the principles of earning and saving. 'You could see the wheels turning in their minds. They were beginning to think about money in ways they hadn't before.' So far, Shalini and Vandana have conducted just two workshops – one at a school and another at an orphanage – since they started early this year. A recurring challenge, they pointed out, is the lack of locally relevant picture books. 'There are certain things that are very Asian, like charity and giving to the poor,' Vandana explained. 'We do not see these in the books we use, even though these are different kinds of value systems we need to pay attention to.' So, they're laying the groundwork to write and curate their own content – 'something more localised for children so that, when they read the books, the setting is familiar and the understanding becomes easier'. But why teach children about money at all? 'It's an everyday reality,' Vandana noted. 'We need to mould them to have an understanding of money. Our children can't be stooges of capitalism.' Shalini and Vandana believe financial literacy should start at home. (Dinesh Kumar Maganathan @ FMT Lifestyle) This is where storytelling becomes key: it's not just about understanding money – it's about the experience of listening, and of imagining different choices. 'The children were spellbound when we read out loud,' Shalini said. 'You get kids with different levels of understanding. So, you must meet everyone's needs.' They hope to scale the project to more schools, orphanages, NGOs, and Orang Asli communities. Acknowledging their limits, Shalini and Vandana are creating free digital resources – lesson plans, story-based activities, and teacher guides – so others can run the programme even without them. Both lecturers ultimately believe financial literacy starts at home. 'Be open. Talk about spending, saving, earning. Children understand more than we give them credit for,' said Shalini. But this openness doesn't mean saying 'yes' to everything. 'Even simple lines like 'that's expensive, let's revisit this later' can build habits. It moves children away from instant gratification.'
Khaleej Times
2 days ago
- Business
- Khaleej Times
UAE: Bank accounts for Eidiya? How some parents teach children value of saving
As the spirit of Eid brings families together across the UAE, many parents embrace a modern approach to an age-old tradition of saving their children's Eidiya in dedicated bank accounts. Eidiya, a cherished cultural practice in which children receive gifts often in the form of money from relatives during Eid Al Fitr and Eid Al Adha, has long been a source of joy for little ones. But today, many parents also see it as an opportunity to teach the value of saving from an early age. Amna Abdulaziz Al Nuaimi, mother of two-year old Aisha, told Khaleej Times she deposited her child's Eidiya into a bank account as soon as possible. 'She gets around Dh4,000 to Dh5,000 annually from family and friends on special occasions such as Eid,' Amna said. 'I save it all for her. I plan to keep saving all the money she receives until she's old enough to spend it wisely.' For Amna, separating her daughter's funds from her own is key. 'It's important to have a clear way of saving your children's money,' she said. 'If you mix it with your own, you forget what's theirs and what you've already spent.' Fatma Al Tenaiji, a mother of three, shares the same philosophy. She has opened individual bank accounts for her children Mohammed (10), Meera (6), and Ghanem (2) and deposits both their monthly savings and Eidiya gifts. 'Each month, I transfer Dh100 into each child's account. During Eid, they usually receive Dh300 to Dh400 each. I let them enjoy 25 per cent of that, and the rest goes straight into their savings,' said Fatma. Um Hasher opened accounts for her children Hasher (7) and Almaith (5) early on because she felt they deserved a place that was truly theirs to collect and manage their money. She explained that Eid and other festive occasions often bring cash gifts from all relatives: uncles, aunts, grandparents, and even neighbours. 'A bank account helps us track exactly how much our kids receive,' she said. 'Everything is organised and transparent. We don't lose track of the amount, and it helps us teach the kids how to divide their money between spending and saving.' Um Hasher makes it a point to document everything right after the Eid celebrations. 'I usually gather all the money, record the total, and then decide with the child how much we'll deposit into the account and how much they can keep to spend on simple treats,' she said. 'I never want to take away the joy of Eid from them, so I always let them keep a small amount to buy something they like while the rest goes into their savings.' By adopting these habits, parents across the UAE are not only protecting their children's financial gifts but also instilling early lessons in money management. Many say starting small, like saving Eidiya, can plant the seeds for future financial responsibility.
The Independent
30-05-2025
- Business
- The Independent
Six money saving tips to make your cash go further this summer
As summer approaches, the challenge of balancing an active social life with financial prudence is a common concern. New data from MoneyPlus has revealed that Generation X, those aged 45 to 60, are facing significant financial pressures. However, the balance of saving and spending affects individuals across all age groups. But finance expert at Moneyfacts, Rachel Springall assures that 'it is possible to both save and have a sociable summer.' 'It is down to consumers to budget and be conscious of any essential bills whilst also juggling their aspiring saving goals,' she says. Why is it harder to save in summer? MoneyPlus found that 60 per cent of people surveyed felt a pressure to spend a lot of money on big events and milestones – which may be amplified during summer. 'The cost of the summer can escalate quickly if someone does not make efforts to budget,' Springall says. 'It's unwise to neglect building a saving pot at this time and it is true that consumers could be a bit apathetic this time of year to save. 'However, putting a little bit of cash aside each month could really make a difference in the months ahead.' Springall and Santander financial advisor Mark Weston share their tips for balancing saving along with enjoying the summer holidays. 'During this time, the arrival of app-based savings providers can be useful for those who want to automate their savings habits,' Springall says. 'There are apps available, such as Plum, which can connect to a customer's bank account and work out their weekly savings amount. This is incredibly handy for those with busy lives and may forget to make a manual payment each month into their savings pot.' Weston explains that the more you're aware of your spending and the more you plan, then the more likely you are to have flexibility. 'Having a clear idea of your expenses and budget is a great start,' Weston says. 'Using budgeting tools is a good way of getting a handle of what you're actually spending and what you can afford to spend. 'Making sure you understand where your spending has come from and also having a budget plan for the whole year, with summer in particular, can help for planning ahead.' 'Using a budget app like Emma, could be useful on the go,' Springall adds. 'It monitors spending and can help build a pot towards different goals, like holidays, an MOT or even Christmas.' Ask if all costs are relevant 'When trying to balance saving and still having a social life, it is important to question if all costs you are making are relevant,' Weston says. 'Ask yourself, could you cut back on some things such as coffees every day and spend that on a holiday instead.' Use regular savings accounts Springall explains that these types of savings accounts are ideal for slowly building a pot as they instil good habits. 'However, consumers will need to work out if they are the right choice for them as some can be restrictive and might not be suitable for larger deposits,' Springall says. 'Regular savings accounts can also revert to a flexible account after the term ends, which might not pay a good rate, so savers must make a diary note to reinvest if they are still building funds toward their future goal.' Have savings for a rainy day 'For parents in particular we would advise them to have savings put away in advance for a rainy day,' Weston says. 'If you know that your normal monthly disposable income is a bit tighter due to children being home more rather than being in school, it is good to have savings put away so it is still possible to socialise and do things with them in the summer.' Shake any apathy 'Consumers need to shake any apathy they may have and take a step back to decide how their money could work harder for them during this time period also,' Springall says. 'Consumers ready to get started would be wise to explore the latest top rate tables and read up on some tips and guides to help them on their savings journeys.'
The Independent
30-05-2025
- Business
- The Independent
How to save money without sacrificing your social summer
As summer fast approaches, it can be a difficult time to balance having a social life alongside trying to maintain saving goals. New data from MoneyPlus revealed that Generation X (ages 45-60) are facing some of the worst financial strain in particular, with over half even cancelling holidays due to their financial situation, or using buy now, pay later schemes to stay afloat. But balancing saving and spending isn't unique to just this age range, as it can affect everyone. However finance expert at Moneyfacts, Rachel Springall assures that 'it is possible to both save and have a sociable summer.' 'It is down to consumers to budget and be conscious of any essential bills whilst also juggling their aspiring saving goals,' she says. Why is it harder to save in summer? MoneyPlus found that 60% of people surveyed felt a pressure to spend a lot of money on big events and milestones – which may be amplified during summer. 'The cost of the summer can escalate quickly if someone does not make efforts to budget,' Springall says. 'It's unwise to neglect building a saving pot at this time and it is true that consumers could be a bit apathetic this time of year to save. 'However, putting a little bit of cash aside each month could really make a difference in the months ahead.' Springall and Santander financial advisor Mark Weston share their tips for balancing saving along with enjoying the summer holidays. Automate saving habits 'During this time, the arrival of app-based savings providers can be useful for those who want to automate their savings habits,' Springall says. 'There are apps available, such as Plum, which can connect to a customer's bank account and work out their weekly savings amount. This is incredibly handy for those with busy lives and may forget to make a manual payment each month into their savings pot.' Know your income, expenditure and budget Weston explains that the more you're aware of your spending and the more you plan, then the more likely you are to have flexibility. 'Having a clear idea of your expenses and budget is a great start,' Weston says. 'Using budgeting tools is a good way of getting a handle of what you're actually spending and what you can afford to spend. 'Making sure you understand where your spending has come from and also having a budget plan for the whole year, with summer in particular, can help for planning ahead.' 'Using a budget app like Emma, could be useful on the go,' Springall adds. 'It monitors spending and can help build a pot towards different goals, like holidays, an MOT or even Christmas.' Ask if all costs are relevant 'When trying to balance saving and still having a social life, it is important to question if all costs you are making are relevant,' Weston says. 'Ask yourself, could you cut back on some things such as coffees every day and spend that on a holiday instead.' Use regular savings accounts Springall explains that these types of savings accounts are ideal for slowly building a pot as they instil good habits. 'However, consumers will need to work out if they are the right choice for them as some can be restrictive and might not be suitable for larger deposits,' Springall says. 'Regular savings accounts can also revert to a flexible account after the term ends, which might not pay a good rate, so savers must make a diary note to reinvest if they are still building funds toward their future goal.' Have savings for a rainy day 'For parents in particular we would advise them to have savings put away in advance for a rainy day,' Weston says. 'If you know that your normal monthly disposable income is a bit tighter due to children being home more rather than being in school, it is good to have savings put away so it is still possible to socialise and do things with them in the summer.' Shake any apathy 'Consumers need to shake any apathy they may have and take a step back to decide how their money could work harder for them during this time period also,' Springall says. 'Consumers ready to get started would be wise to explore the latest top rate tables and read up on some tips and guides to help them on their savings journeys.'
Yahoo
16-05-2025
- Business
- Yahoo
Money talks: Teach your kids about saving and spending
Talking about money, especially in times of a family budget crunch, is an opportunity to teach kids lessons that can last a lifetime. As regional director of Self -Help Credit Union, Tamara Stanley understands the importance of financial literacy. Stanley is a mom of two and in her household those lessons started early, so she helped us develop an age-by-age guide to talking with kids about money. Preschoolers are just beginning to learn the concept of money. You can help them learn both through pretend play (grocery store, play money, etc.) and in more tangible ways like using a piggy bank to save for a special toy. When her children were 3 and 5 years old, Stanley set up her own system to help them learn a little about saving and spending. She created a system of chores and attached a salary to each chore. She paid the kids with pretend money and allowed them to use that money to buy snack food. 'They need to understand that you have to work for it!' she said. As children enter elementary school, you can expand on the lessons of saving and spending by setting goals and saving. 'It is important that they know what they are saving for,' Stanley said. Elementary school is also the time to upgrade the piggy bank to a savings account. At Self-Help, the minimum required deposit is only $5, The account must be a joint account with parents. Stanley recommends setting a savings goal and saving at home before opening an account. 'We have a Fun Card that has 40 slots for dollar bills,' she said. 'When a child has filled up their card or saved $40, they can take it to a bank or credit union to open an account.' Once a child reaches middle school, it is time to begin talking about different types of accounts, like checking, savings and high yields savings accounts. Many banks and credit unions have options for checking accounts for kids that still allow for parental control. Some offer a debit card and online banking access to further increase financial literacy. Middle schoolers are also old enough to begin learning about credit. 'I compare credit to a report card,' she said. 'You want to attain a high score.' In high school, kids are ready to learn a bit more about the social and emotional aspects of finance. 'Wealth doesn't always mean having a lot of money,' Stanley said. 'It is all about how you budget and spend. Someone may appear to have a lot of money, but have a lot of debt.' Stanley added an important life lesson: having a lot of money does not always equate to happiness. High school is a time to really talk about needs versus wants, Stanley said. During high school, you can also expand your credit conversation to include strategies for building and keeping a high credit score. Outside jobs can afford the opportunity to talk more about savings and for teens to start learning about taxes. Regardless of a child's age, when a family's financial situation changes, it may require hard conversations. Whether due to a job loss, health crisis or changing economy, it is important to communicate with kids when spending habits must change. 'It is a good opportunity to explain to kids why savings is important – you never know when circumstances may change,' Stanley said. In addition to dipping into savings, circumstances may require a bit of belt-tightening. In that situation, Stanley recommends focusing on the things that you still have and talking with the children about ways that you can work together as a family to decrease spending. She also recommends looking for fun alternatives: 'We may not be able to eat out as much right now, but we will cook some great meals together and have fun while doing it!' And if you can't take the family vacation, maybe you go somewhere closer to home for an adventure. Self-Help Credit Union is a nonprofit community development lender, real estate developer and credit union that serves communities traditionally underserved by conventional markets. It has branches in North Carolina, South Carolina, Florida, Georgia and Virginia. Learn more at Bonus Books: April showers bring new weather books Your guide to things to do in Asheville and WNC this week Tracktivity: Inside a Flower Mental health in the moment May 2025: More than 100 things to do in Asheville and beyond Farmers markets are opening This article originally appeared on Asheville Citizen Times: How to talk to kids about money: A guide by age
