Now-a-days it is not sufficient to save money in traditional methods. Every family should know money management. They should have awareness about latest savings tools and methods. If not children will suffer in the future, say the financial experts. Increase awareness of money managements are given below.
- Parents should have basic knowledge of financial matters, stock market, mutual funds, ULIPs, Insurance, gold ETF and post office schemes. If they are not aware of the things they can take training at the financial experts.
- Children should have awareness about financial matters other than saving coins in kiddy banks.
- Parents should encourage children to read the financial strategies and plans that are published in magazines, news papers, personal finance websites etc. If they cannot understand, parents should explain things to them.
- Small investments in banks, post office schemes, gold ETF, Equity funds, Debt funds should be made by the children themselves. Investing and withdrawing the amount should be taught to them.
- Test the personal finance terminology of the children. Give them small gifts for their development.
- There is no teacher better than a mother. So mothers who spend more time with the children should show interest in teaching money management to the children. Mothers should themselves observe the latest developments in personal finance sector.
- Many parents take their children to only cultural and entertainment programs. To increase the financial awareness of children they should also be taken to the saving seminars, and conferences.
- Children should also be taught the stock market functioning, financial methods, world stock market trading etc. as all the new saving schemes are directly or indirectly connected to the stock market.