Understanding how to budget, save, invest, and maximize your earnings are skills that will always aid you in life. Most of us learn (good and bad) money habits from our parents. How parents treat their hard-earned money is important as kids tend to pick up on everything.
Learning the right way to deal with money is extremely important as we will be doing so throughout our lives. In order to gain financial freedom we need to understand the basics such as handling bank accounts, investments, credit card statements, and savings.
How financial literacy is being focused on in Saudi Arabia
Recently, the Ministry of Education in Saudi Arabia announced that they will make it mandatory for teenagers to take courses on the fundamentals of financial literacy in the upcoming academic year. We definitely think this is a step in the right direction.
But as we said, we believe this education and know-how starts at home. Parents play a big role in setting up real-life expectations for their kids. Teaching your child how to (for example) save and budget, in order to purchase a toy or device is a great learning tool.
Having parents guide their children and have open conversations about family finances is a great stepping point for kids as when they get older they will look to their parents for guidance. We all make mistakes from time to time. Understanding why those mistakes occurred is just as important as we are less likely to repeat them.
Kids look to their parents for wisdom and guidance. They often emulate what they see at home. Having parents set healthy money habits like tracking monthly spending, setting money aside in a savings account, and having additional money for a rainy day are all things they will take away.
No one has all the answers and sometimes it is best to leave some things to the professionals. Our aim with FataFeat is to provide the whole family with the resources to make sound financial decisions that align with the entire family’s goals. We want to teach the fundamentals that will only further empower the younger generation and give parents peace of mind that their child is responsible. To learn more about FataFeat, click here.