Piggy Bank

Beyond the Piggy Bank: Teaching Kids Financial Literacy

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Piggy banks have been one of the core memories of our childhood. The money laced with love in the tight fist of our grandparents, the extra change we sneakily pocketed during the grocery runs for our parents, saving up from the daily bus allowance by walking to school instead- our little piggy bank had bore witness to it all. Now, it’s time to transfer that tradition to our children as well. But this time in a more secure and futuristic way.

We’re parents. Of course, we would want to provide everything for them ourselves as long as we can and beyond.

But financial literacy is not just a buzzword anymore. It’s a life skill. To live the life of their dreams, our kids need to be financially independent. Hence, more than just saving up for our child’s future we need to equip them for the financial endeavors that await them as well.

Redefining Financial Education

In this era, the term financial literacy encompasses a broader spectrum rather than just earning and saving. It has now extended to concepts like financial security, financial freedom, financial independence, etc. Saving the remnant of our monthly salary has now grown into planning, budgeting, investing, stocks, credit scores, and much more. Warning them to spend less and save money is not enough, they need to be fully prepared for the adulthood they inevitably have to go through.

Being the role models

We’re our child’s first love, first role model, and essentially first teacher among many other firsts. Worrying about money constantly, impulsive shopping, overspending, and fighting over financial issues with your partner are not the things that you would want to teach your kid. To nurture a financially responsible adult, it’s crucial to embody financial responsibility yourself first. Before you educate your child, it’s time for you to reevaluate your own financial choices.

Starting early: Baby steps

As a parent, it’s our responsibility to equip our kids with all the tools to help them make conscious and informed decisions for a financially secure future. Imparting the fruit of financial literacy and laying the foundation at a young age will help them grow as a financially responsible individual. The growing numbers in their piggy bank, letting them to make their own decisions on the shopping trips will invoke curiosity and a sense of freedom which in turn empower them and aids in having a healthy relationship with money. Start early and your kids will thank you later.

The times have evolved and when the time runs, we run along with it. To nurture a financially savvy child, a great initial step is setting up a savings account for your kid. Many banks now offer different types of savings accounts tailored to different age groups. KBL Kishore savings account by Karnataka Bank, with nearly a century of banking expertise, is designed specifically for students under 18 years old. In today’s era, where simplicity and convenience are paramount, online saving account opening is now effortless in the comfort of your home.

With that being said, let’s assist our kids in starting an incredible journey to a secure future. Happy saving!

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