Finance Expert Explained Ways of Teaching Children Money Management

Tight control of pocket expenses of children will not teach them to make good decisions, states Ekaterina Lavrenova, the adviser to the project director of the Ministry of Finance of Russia on financial literacy, RIA News reports. 

According to Lavrenova, constantly controlling all the expenses of a child or, vice versa, giving money on any request are two extremes that should be avoided. The expert expressed confidence that tough methods prevent a child from taking responsibility for his actions. It is noted that it is really important to agree with a child on the amount of pocket money and the timing of their giving. It should be small amounts, even if parents’ budget allows them to give more. Thus, they will teach a child to plan the expenses. It is also important to give a child the opportunity to spend money on what he wants, even if parents don’t like it, at least in the beginning.

Ru-Main, 01.06.2020

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