Windhoek
It was the 1970’s super group ABBA that coined the phrase; “Money, Money, Money… it’s a rich man’s world”.
This headline, which reprises the famous line, places the emphasis where it should be on building a solid future by getting children to understand the role of money in their lives.
Most of us at one time or another would have read a self-help book that promises to unlock the secrets of achieving wealth. Although it is debatable whether these books, do anything more than increase the bank balance of the authors, they all have one thing in common; they stress that the billionaires of today were the money- savvy children of the past.
Like so much else in life, it is the lessons we learn as children that set the trend for our futures. Teaching children about the importance of money and how to handle it is one of the greatest lessons children can learn. It is also one of the greatest gifts a parent can impart on a child.
“Money management begins with the basics,” says Jacquiline Pack Head of Marketing at Standard Bank, who emphasises that it is grandparents and parents who get the process going.
The lesson here, says Pack is that it is never too early to begin building a solid future based on an appreciation of the value of money and learning a basic saving discipline.
Children have to understand that they can only have control over their money and wealth if they have clear and defined goals. These goals need not be big. They can be anything from saving for that favourite toy, latest cellphone or an advanced laptop.
Ownership is very important. It is for this reason that banks have products in place to assist children with their financial needs.
Standard Bank’s Digi Youth Account, which caters for children from 0-18 years of age for instance, is designed to encourage a habit of savings in your child. This is a good habit they can take with them when they become adults too.
As a parent giving your children the power to control their spending and track money going in and out of their accounts will help build healthy financial habits. Teaching children to pay themselves before they pay anyone else is the key to a bright future. The product has a savings and spending pocket attached to the customised debit card.
In a nutshell it is about control, access and financial discipline for your child and the Standard Bank Digi Youth Account can be opened with a minimum amount of N$50 without any monthly management fees, free cash deposits and stop orders can also be linked to the account.