There’s no doubt that parents are their kids’ first teachers. Not just for Reading and Writing, but also for money management. In this presentation, I have shared 5 easy tips for raising financially savvy kids. For more tips: https://vimeo.com/maureeneoconnell

2. Introduction
 There’s no doubt that parents are their kids’ first
teachers.
 Not just for Reading and Writing, but also for money
management.
 In this presentation, I have shared 5 easy tips for raising
financial savvy kids.

3. 1) Start Early
 Reading aloud to children lays the ground to literacy.
 Similarly exposing them to money concepts from an
early age sets the foundation for financial literacy.
For example:- If you have a preschooler, a good practice
would be allowing them to hand-over cash to the cashier
while making purchases.

4. 2) Start Saving
 Let the child have his/her own piggybank.
 A piggybank can be a great way to for children to
understand how money accumulates over time.
 Whether they earn an allowance or not, they will begin
to see the progress and learn the value of saving.

5. 3) Distinguish between Wants and Needs
 Every child must understand the difference between
wanting something and needing something.
 They seek instant gratification but delaying it, is one of
the best gift parents can give.
 A good exercise would be to make them guess the cost
of things, so that they understand the value of things.

6. Exercises for them
 Take children for shopping with a fixed budget and see
how they manage it in the grocery store.
 Have older children, plan a family meal within a given
budget.
 They will understand budgeting and organizing better.

7. 4) Let them make mistakes
 Children will make mistakes, financially also. It is all a
part of the learning process.
 If a child has misspent all his/her savings, try making
them “earn” the difference by having them do certain
chores.

8. 4) Lead by example
 Financial literacy is contagious.
 Children look up to their parents in terms of habits.
 Similarly, they are bound to form positive financial
habits faster when they see their parents practicing
those same habits.
 Therefore, as parents it is necessary, that you yourself
practice good financial habits.

9. To Conclude…
 Simple, practical, and age-appropriate money
lessons like these can have a big impact on
children’s financial literacy.
 It is on the parents to instill good financial habits and
practices in their children.

10. Maureen O'Connell
Maureen O’Connell is Executive VP, CFO and CAO
for Scholastic Corporation (NASDAQ: SCHL).
Finance and Accounting are her forte.
She also excels at Administrative Function such as
Strategic Planning & Business Development, Global
Operations & IT and Human Resources.