Over the past few days of visiting different relatives, parents always gather around to talk about their children and the hottest topic this round was ‘When is the right time to teach your child about money?’ After I heard stories about my relatives’ children on the way the kids handle their money in school, I started to give my boys money education.

Kid no. 1, 8 years old, Primary 2

The parent went to the school canteen and wrote down all the prices of the food sold in all the stalls. The kid is given $1.50 per day to school. Everyday, she come home with $0.00 left.

Parent ask what did she spend on, she said a couple of things, but the amount did not tally. Conclusion: Parent believe the child is lying. Result: Scolding and Canning.

Parent punished her by reducing her pocket money by $0.10 every-time she lie about how she spent her money. Now she is left with only $0.70 per day.

Parent tried to use the reward system lately. They suggested to double up the total amount of whatever the kid can save by the end of the week. For example, if by Friday, the kid have a remainder of $1.00, the parent would give her an additional $2.00 as a reward. Result: The kid still comes home with $0.00 at the end of the week.

Parent have been hearing alot of stories from their own friends, like “the child may use it to buy stickers but keep them in school, so the parent will not know”, “the child may have bought other stationery but asked their friends to safeguard for them, so that the parent will be kept in the dark”, “the child may have lend the money to someone else and didn’t want the parent to know,”.…..stories like such kept going into the head of the parent.

My question to the parent: “How did you, as parent, handle your money? Do you spend whenever you see something that you like? – Yes.

Do you save your money and tell your child the importance of saving? – No.

When she was young, do you buy almost everything she asked for? – Yes.

Do you know that she is just trying to mimic whatever she see in you for the past 7 years? Now you do not allow her to buy whatever she likes and worse, you punish her by cutting her allowance, you confused the child because what you do and what you say is different. So how do you expect your child to do whatever that you want , when you yourself is not doing it?”

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Kid no. 2, 7 years old, Primary 1

The child cannot differentiate between all the denomination of the coins. Hence, when she gave a 50cents to the stall owner for a 20cents slice of cake, she just walked off without waiting for the change of 30cents.

It was after a couple of days in school before the parent realised this terrible fact! They kept complaining that they can’t believe their child is so stupid.

Now the child has $1.00 per day, all in coins, for school. Comes back with some remainders. When the parent ask what did she spend it on, she said nothing! “How could you spend money on NOTHING?!” screamed the parent.

The child still said she did not buy anything at all. Result: Canning.

After almost a week, they think that their child may not be lying after-all. The parent start to believe that the money was actually stolen by other classmates. So they asked, “Where did you put the money?” – “In the purse” “And where did you put the purse?” – “In my school bag, just like what you told me to do.” “Even when you are not in class?!” – “Yes.”

They complained again, saying that they can’t believe their child can be this stupid.

My question to the parent: “Have you let her handle money before she went to school?” – of course not! she is too young to handle money

“Then when do you think she is old enough to handle it? Like now? If you have never let her handle money before, how in the world would she know that there are coins and dollars; and what is the value of each coin?!” – ……………….

“Your child is nothing but an obedient child. You told her to put the purse in the school bag and so she did. Now you tell her that she is stupid by doing that? Can you see how confused she is?” -……………………

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So many times in life, we see young children doing funny things, ridiculous actions, unbelievable acts and we made the child accountable for the actions. Yet we have forgotten that children are the best mimics of the world. And who do they mimic? People who are closest to them…..

Before you scold your young child for doing something you don’t approve, why not hold your tongue for a few seconds and think what could have caused him to that in the first place, do you as a parent, have a part to play?