Teaching Children about money – a Global Perspective

Financial Education – a Global Perspective

Continuing social, economic and political change over the last five years has meant that the need for financial capability in young people is even more pressing. In many western counties issues surrounding increasing levels of personal debt, crashing markets and their effect on pensions mean that there is a greater need for individuals to take a more active and informed interest in their own financial future. This article looks at various initiatives for teaching children about money around the world. In South Africa, Teach Children to Save (TCTS) is a one-day initiative designed to spotlight the importance of teaching the country’s youth about saving money. The objectives of the project include: To raise awareness about the benefits of savings, financial planning and foster a culture of saving. To demonstrate the important role that the financial services sector can play in creating a financially literate nation. To initiate a national program that encourages a collaborative, industry-wide effort to increase financial literacy. Teach Children to Save South Africa (TCTS SA) was launched during July Savings Month on the 25th July 2008. On this day, volunteer bankers and financial professionals became teachers for a day and delivered a one hour savings lesson to learners in grades 4 to 7. This pilot initiative laid the groundwork for an annual event that spotlights the important role that financial service providers can play in educating the nation’s youth about saving. While modelled on the U.S. program, TCTS SA was customized to align with South African culture, financial education needs and the school curriculum especially Economic Management Science.

Scotland was the first part of the UK to publish guidance for schools in this area, back in 1999 Learning and Teaching Scotland, published Financial Education in Scottish Schools – A Statement of Position. This document describes managing money is “one of the most important and challenging features of everyday living” while outlining a minimum entitlement within the school curriculum. Their aims are for young people to understand key financial and economic ideas; be skilled in managing their financial affairs; recognise the importance of using financial resources responsibly and be able to operate in a confident and enterprising manner.

The Scottish programme as part of the 3-18 Curriculum for Excellence is under-pinned by the expectation that every teacher is a teacher of Numeracy, Literacy and Health and Well-being. A thematic / topic framework is suggested which schools may adapt to their particular needs. The four main elements of Financial Education in Scotland include: Financial Understanding, Financial Competence, Financial Responsibility and Financial Enterprise.

An Australian report, A Financial Literacy – Australians Understanding Money’, found that young people are particularly interested in learning more about issues such as budgeting, saving, managing debt and avoiding financial scams. Australian schools have introduced a nationally agreed Framework that provides an integrated cross- curriculum approach for all students from Kindergarten to Year 10. Consumer and financial literacy will be integrated in programs across English, Mathematics, Science, Humanities – (Business, Commerce, Economics, Technology and Enterprise) Civics and Citizenship and ICT.

This will allow all Australian students in their compulsory years of schooling to develop knowledge and understanding, skills and values in consumer and financial literacy.

An example of a Chinese approach to financial education is a theatre program for children aged between 8 and 12 years old in the cities of Beijing, Shanghai, Guangzhou and Shenzhen. The program is based on a comic book, entitled “Agent Penny and Will Power in Operation Finance”. Scenes are based on stories of daily life and present students with commonly-used financial tools and concepts, including budgeting and compound interest, as well as the formation of healthy financial habits. According to schedules of the program, the Cheeky Monkey Theatre, presenting itself as the world’s first ‘Chinglish’ Theatre Company, will visit between 40 and 50 schools in Beijing, Shanghai, Guangzhou and Shenzhen over the next ten months, and this play is expected to be seen by around 20,000 children.

In summary, financial literacy is regarded in many countries as a key life skill. The financial world is characterised by a wide range of choices and often high complexity, and as consumers we all need to take advantage of this dynamic environment. Young people are being targeted as consumers at an increasingly early age and may face complex financial choices. As 18 year olds, they are likely to have access to credit and loans in a way that would have been unheard of 20 years ago. Providing young people with good financial literacy skills helps to establish responsible attitudes and good habits from an early age. It helps foster an attitude to managing money that can enhance their long-term financial security and lifestyle. Whichever methods are chosen it is important to teach children about money in a fan and accessible way. The Financial Fairy Tales series share important messages about money and life through enchanting bedtime stories.

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The real Laws of Attraction

The Real Laws of Attraction

I clearly remember that first spark of hope I felt when I watched The Secret? Do you remember the desire that filled your heart, knowing that – Yes; I can FINALLY make my dreams come true!

But how many of us soon felt that hope dwindle into frustration? How many (and be honest now) started muttering things like:

- “It seems to work for other people, but I just can’t get it right.”

- “I’m frustrated that sometimes I can get it to work, but sometimes I can’t. What’s the trick?”

- “Why am I having so much trouble?”

- “I think the universe is against me.”

- “I’m trying very, VERY hard but still nothing is happening!”

Don’t worry, you’re not alone. About 97% of people also couldn’t make the Law of Attraction work for them the first time round. Does this mean it’s all a lot of nonsense or positive thinking hype? Think about it, just like anything else, you have to practice many times before you see success. A child doesn’t learn to walk without falling over a couple of times, right?

But in practice, everything is easier said than done. If you’re frustrated, it’s hard to stay positive and it’s even harder to stay positive when the evidence all around you is screaming negativity. When you fail to stay positive that’s exactly the point where you start attracting negative things in to your life.

So how can you make the Law of Attraction work for you – without getting frustrated? How do those who successfully implement the Law of Attraction do it with such confidence and apparent ease?

Well, here are three quick tips so you will never feel frustrated or tired of begging from the universe, because you know how to start manifesting like a pro.

1. Allow Yourself To Receive

Just like a lost child who approaches a passerby and asks, “Excuse me Sir, can you tell me how to go to the bus station? Can you? Can you? Can you? Please? Please? Please? Well, if the child goes on and on asking, the passerby can’t even give an answer, right?

It is the same thing with your mind. If the only thing your mind is doing is asking, asking, asking, the universe — which is trying to respond — can’t give you a single thing because you’re not allowing yourself to receive!

It is important to have the confidence in yourself and stop exhausting yourself as if running around from person to person begging for riches, and then wondering why nobody is dropping a penny in your cup (Hint: It’s because you’re running away too fast for them before they can even reach for their wallets).

Just contemplate your desires and leave them out there, go away, and trust that your cup will be filled with gold coins (or whatever it is you asked for) when the time is right.

2. Be Patient With Yourself

Receiving takes time.

Sadly, many people give up just a couple of steps before the finish line because they’ve decided that if it’s not working by now, it’s never going to work at all. Worse still are those who throw in more and more energy because they think that with more resources, the results will come faster.

This is like expecting 9 mothers to conceive and deliver a baby in 1 month. You also can’t bake cookies in half the time by doubling the temperature. You’ll just end up by incinerating those cookies to ashes!

In simple terms: Everything in this world has a natural development time, known as the Law of Gestation, and this fact will not change no matter what resources you throw at it.

So relax and be patient. Remember that you too, as part of the universe, are also governed by the laws of the universe, and you cannot change the natural development time.

If you remember this, you will less likely work yourself up into frustration, or worse, push yourself into a downward spiral of negativity.

3. Support and Educate Yourself

Like the child who is learning how to ride a bicycle for the first time, you need support. You also need to guidance on how to do it, and the role models to look up to.

Many people give up because they think that “The Secret” is the “be all and end all” solution. Well, it’s NOT. “The Secret” is just a small portion. It was never intended, and has never been, the whole answer. It can act as an excellent introduction and has brought the subject into mass awareness.

Coming to the conclusion that the Law of Attraction doesn’t work when the total investment in your education was watch “The Secret” 19 times (without looking at changing the habits of other areas of your life) is like coming to the conclusion that exercising is not an effective way to lose weight because all you did is run on the treadmill for 2 hours a day (but you’re still stuffing yourself with fried foods and cheesecakes).

So seek and be hungry for new knowledge. Also, make an effort to be amongst people or communities where you can support each other, learn from each other and also share new knowledge that you have found.

While the Law of Attraction is not an overnight delivery service, it will indeed deliver, if you do your part too!

Master Law of Attraction teacher Bob Proctor has released the ultimate home study programme that will enable you to finally understand and unleash the Law of Attraction and 10 other universal laws

Get started on the road to Abundance by gaining access to these 7 free videos.

Check out the full site here

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Financial Fluency – Teaching Children about Money

Financial Fluency – Teaching children about money

It is a widely held belief that the earlier children learn a foreign language, the quicker they will be able to pick it up and achieve fluency. The same is also true when it comes to teaching children about money and developing financial fluency. Teaching children from an early age how to save and budget in a fun and educational way can lay the foundations for sound money management later in life.

A University of Minnesota study indicates that with as little as 10 hours of financial education, teachers and parents can positively affect children’s future saving and spending habits.

A good place to start teaching children about money is by demonstrating that money is used in exchange for goods and services, showing them that in making their own purchases they are in fact trading with the shop owner and receiving the product in exchange. As an example, next time you are shopping, try to have the exact change for the product and give it to your child. Let your child hand over the money to the cashier and after you have left the shop, have a chat about how the money paid for the item.

It is important to always approach teaching children about money with openness and honesty, giving a constant and clear message. Explain to them why they can or cannot have certain items they wish to buy. You can’t always say yes to a request for money and if it has to be a no, it does few favours being over indulgent, but equally the ‘because I said so’ clause has little educational merit.

Before long your child will have a basic understanding of money. When this happens you may wish to start explaining the bigger picture. You might consider showing children how the whole family benefits from money via a visit to the supermarket. Once there pick out two similar products, perhaps a well known brand and an own label and allow the child to make the choice. If they choose the supermarket’s own brand, allow them to make a further purchase with the saved money. This might be a useful starting point for a discussion about value vs. price.

Consider also the type of signals about money that your child picks up on. You may feel it’s important to let your child know family money matters are private, and not for discussion outside the home. If however, as parents you talk in hushed tones over bills and bank statements, your child may deduce that finances are something to be secretive and furtive about. Similarly, if they pick up some stress and anxiety over money, this too is a value that can be carried forward into adult life.

7 tips to help teach children about money.

1) Fun, fun, Fun – make a game of both saving and spending. If only spending money is fun then they will not associate any pleasure with saving.

2) Routines – When they receive money as presents or from the tooth fairy establish a routine, like putting some or all of it in their piggy bank or savings account. They will most likely take these traditions forward into their own families.

3) Consistency – If you pay pocket money in return for helping around the house make sure they actually do the work. Even very young children can be responsible for tidying away their own toys or clothes. It’s a good idea to pay a set amount on a regular day but encourage their entrepreneurial side by giving them the opportunity to earn more if they seek it.

4) Look after the pennies – Turning off the lights, saving their pennies and giving small donations to charity collections are small things that they can do to create positive habits which may last a lifetime. Ensure that you explain why you are doing it and what the benefits are. Charitable giving can illustrate to your child that there are others less fortunate and introduce the idea to be grateful that they have more than enough.

5) Consequences – When your children ask for something, rather than say no. Ask them if they would like to buy it from their own money and explain what the consequences are. You may find that they are more reluctant to spend their own money than they are yours!

6) Praise, praise, praise – We may learn by our mistakes but by praising we reinforce positive behaviour and will encourage children to do the right thing out of choice ‘because it feels good’. This can be applied to saving, spending wisely and giving to charity.

7) Spend and save – when your children are receiving pocket money, teach them to save either some or all of it. It is always a good idea to let them spend a little however, as this encourages a work-like mind which will set them in good stead later in life.

For a great resource for teaching children about money in a fun and entertaining way – please have a look at thefinancialfairytales.com

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Crunch Points

Rising to the Challenge
By: Brian Tracy

The only way that you can realize your full potential, and become everything you are capable of becoming, is by dealing with crunch points effectively. The only way that you can achieve all your goals is by responding and reacting effectively to the inevitable crises of day-to-day life.

The Key to performing at your best during the crunch times of your life is for you to focus single-mindedly on the solutions rather than the problems. The more you think about possible solutions, the more solutions will occur to you — and the better they will be. The more you think about solutions rather than problems, the more positive, focused, and creative you will become. The more you think in terms of specific actions you can take, the more in control you will be.

The most important quality of leadership is the ability to function well in a crisis. It can be said that leadership is the ability to solve problems, of all kinds, including huge problems that arise suddenly and unexpectedly.

For more information on Brian’s latest bestselling book Crunch Point click here

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