Why We Need to Teach our Children the Value of Money and Saving.
Why We Need to Teach our Children the Value of Money and Saving. As children, we were never taught how to manage money. In school, we learned mathematics, science, and literature, but nothing about financial discipline. When we started earning, many of us only knew how to spend on daily needs and we indulged ourselves in luxuries – without understanding saving, investments, or long-term planning. The lack of financial awareness comes with a serious consequence. Many young professionals find themselves trapped in debt cycles, living paycheck to paycheck. This situation has been exacerbated by the rise of easy EMI, with which we buy gadgets, vehicles, and other luxuries that our salary cannot truly afford. Also, we live in a society where we grow up watching others and following suit. The neighbor buys a new car; and we feel the pressure to match it. When a colleague upgrades to the latest ...