Rokiah Mahmud
Imparting financial literacy lessons to children at a young age is crucial to ensure they understand the value of money and practice prudent spending. And with the handing out of ‘green packets’ being the norm during Hari Raya, there is no better time than now to highlight the importance of saving.
Speaking to the Sunday Bulletin, Siti Norajimah binti Haji Abu Bakar said her children were exposed to the saving culture at a young age.
“Every Hari Raya, the children will keep in a specific corner all the green packets they have received from their loved ones. Only on the last day of the festivities will they count how much they have raked in.
“For our younger kids who have yet to learn the value of money, half the amount is deposited into their bank account, and the remaining is used for school essentials or toys.
The older ones will save all the money, depositing it into their bank accounts,” Siti Norajimah said.
Meanwhile, Hartini said, “It is our responsibility to educate children on financial literacy at a young age. During the festivities, it is normal for the young ones to receive green packets, not only from family members, but also other adults at open houses.”
“The children need to understand financial literacy so as to be able to properly manage their income when they are older,” she said.
The mother of four rolled out a saving challenge requiring her children to put in their money boxes at least a dollar a day, or more when they are able to. By the end of the year, the boxes are pried open and the money counted.
As a reward, she uses a small fraction of the savings to purchase “whatever my children wish for. The rest is deposited into their bank accounts.”
Hartini reminded the children to prioritise their “needs” over their “wants”.
Another parent, Syaz binti Haji Rosli told the Sunday Bulletin that aside from giving her 12-year-old son pocket money for school, she also forks out monetary rewards when he completes house chores.
“This will educate him on how to earn money.
“I feel Hari Raya is one of the best times to offer financial literacy pointers. My son is now old enough to hold on to his own green packets and mature enough to decide how to spend that money. To our surprise, he told us he intends to save up all the money he has acquired so far.
“Teaching youngsters about proper money management is one thing, but putting it into practice is another,” she said, adding that she often discusses with him the need to set a budget before making a purchase.
“This works wonders. He often ends up thinking twice about his purchases,” Syaz added.
