I delivered a money management workshop for children at the Releasing The Butterfly Within for Kids to teach them principles to managing their money. This is something that many adults have never been taught, and many of my clients wish they had before entering into adulthood.
It was such a pleasure as they were very engaged and understood all the concepts I discussed throughout the workshop. I got them to think about their financial goals for the future and current skills and hobbies they could create income from and WOW they were very creative!
We discussed the three key principles about personal finances, which included
1. Avoid consumer debt;
2. Save something from all money received;
3. Learn about investing so you can receive passive income from the return on investment (ROI).
The children enjoyed the game we played to identify the difference between Needs & Wants, which I think is so important to understand in the consumer environment we live within. They totally grasp the fact that a Need is something that is required for our daily living and everything above that is a Want.
It was great seeing them recognise that many items that they love are Wants and providing their own rationale why it is not a Need. I also make clear that wants are rewards once their financial priorities are in order.
Watch the video below and listen to the feedback from some of the children and a parent, who attended the workshop. It was such a pleasure to deliver such an important lesson and I will be delivering more workshops over the summer holidays for children!
Money management is a vital life skill for children to learn before adulthood as it provides them with the ability to make informed decisions about their personal finances. Whilst also providing them with the opportunity to avoid falling into the cycle of consumer debt, no savings and living payday to payday. This is one way to enable our children to break the cycle of negative generational poverty!
It was a joyful experience to plant seeds for positive financial mindset into the future generations!