If you’ve glanced at any popular financial news outlet or seen any millennial-focused humour, you’re probably aware of the statistics… millennials are still living with their parents. While there are all sorts of reports done on the topic, the general consensus is that millennials live with their parents longer than Generation X or the Baby Boomers.
There are so many factors at play with this social trend that it’s hard to draw any general conclusions. Still, it can be said that a serious lack of financial education is part of the problem in the delayed financial autonomy of this generation. For those who find themselves struggling to balance loan repayment, bills, and unexpected costs, easy ways to borrow some money through online payday loans can end up saving the day.
Plan for Success
Quick payday loans from online sources like GoDay provide fast, reliable, and trustworthy short-term loans for those that need it and have a source of income. But how do you set up the next generation for financial success?
Surely you don’t want to plan for consistent use of payday loans, it feels much better to be in control. Financial education and financial literacy are invaluable skills to teach your children. Here are some important money-based lessons for children and the easy ways to teach and enforce them.
You can start teaching pre-schoolers and kindergartners about money early on with the simplest of techniques: using a clear jar for savings. Piggy banks are cute and classic-looking, yes, but without a visual of what money represents, the children can’t see the money growing. As their collection of coins and the occasional birthday bill from grandma grows, talk them through what’s happening and try to convey some excitement about their growing funds.
Lead by Example
The University of Cambridge conducted a study on habit formation and learning in young children in which they found that money habits in children are formed by the time they are seven years old. That’s pretty young and it means that your behaviours towards money have an impact on how your kids see it by an early age.
Do you pay with credit card a lot of the time? Do you argue about money? Do you maintain beliefs that it shouldn’t be talked about? The little ones will be noticing, so it’s incredibly important to set a positive example that they can emulate when they grow older.
“Things Cost Money”
This is an incredibly straightforward statement but it can be hard for children to grasp if they don’t actually experience and understand it. Give children the opportunity to take money from their piggy bank and hand it over to a cashier. Explain that if they choose to buy one treat at the grocery store, they can’t get another one. This will help them learn to weigh decisions and evaluate different outcomes, laying the groundwork for smart financial decision-making for the rest of their lives.
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Amila Gamage Wickramarachchi is the founder of this blog where she shares her parenting and lifestyle experiences. She is an engineer and a trainer who works in the construction industry. She is the founder of Sihela Consultants.(www.sihelaconsultants.com)