Adriaan Pask – PSG Wealth:
“Just as with saving for your retirement, the best time to start speaking to your children or grandchildren about money is when they are young, and the next best time is right now.
“David Anderson, PhD, clinical psychologist at the Child Mind Institute, advised that you can start a child’s financial education from about eight or nine years old, when their math skills are advanced enough to understand basic arithmetic. Be open and help them become comfortable with using money and wealth journeys as an everyday occurrence, instead of having to figure out how to build (and stick to) a budget when they get their first paycheque.
“Discuss things like the difference between a long- and short-term financial goal and the aspects involved. For example, comparing a ‘rainy-day fund’ to retirement savings. A visual way to show little ones how savings can accumulate is to give them a glass jar for a piggy bank so they can see the money fill it up.
“Always keep in mind when discussing finances that a healthy relationship with money can open a wealth of doors and lead to optimal wealth creation.” (Emphasis supplied)
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