My father has always nurtured a saving culture among his children. I recall him bringing home “tausi” piggy banks when we were much younger.
Here, we would deposit coins and notes every day. Looking back, I realise it was a good beginning for all of us.
At the moment, he has bought us bigger piggy banks where we save money during holidays. When we are at school, he does that on our behalf.
On the other hand, my mother is the queen of accountability. She, unlike my father, is usually very keen on how we spend our money. She always appreciates it when we spend money wisely.
Ever since I was young, my mother always made sure that I spent whatever money I was given prudently and that I remained accountable for it.
I believe these lessons and saving culture will help me in my journey to financial independence. I have just given you a peak into my young financial life to help you realise how parents can shape the financial futures of their children.
Sadly, unlike my parents, many mothers and fathers avoid having money conversations with their children.
There are many reasons why parents do not teach their children financial prudence.
In many well-off families, for instance, parents simply do not see the need to save or account for money spent because there is plenty, or so they think.
Children of the poor, on the other hand, are neither taught nor encouraged to save because their parents believe they have nothing extra.
Saving and financial accountability can work wonders. It is the saving spirit that I learned while young that saw me start a savings “chama” with my classmates.
The club, which has been running for three years now, has enabled me to accumulate a considerable amount of money.
Also, the “chama” encourages positive competition amongst us, with everyone striving to take the crown as the biggest saver. I urge parents to invest in their children’s financial literacy, especially during these difficult economic times. Have a thoughtful day.