How to teach Nigerian kids about money management.

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The global trend in the world is focused on how past ideologies are evolving. The pace at which values and norms are changing is at an alarming rate. The next generation of kids have a role to play in sustaining the very important societal principles that influence almost all the decisions made by organizations, entities, and even a whole country. One of the important values is teaching kids about money.

In this article, we would be sharing the views of three beautiful mothers on how they have educated their kids on money management and its applications

Ifeoluwa Oyeyipo

Let’s get to meet you. How long have you been married and how many kids do you have?  – My name is Ifeoluwa Oyeyipo, I’ve been married to my Twin Soul for 10 years and we have 2 amazing children (a seven-year-old & a two-year-old). I’m adventurous, I love to travel & explore new places. I’m also a foodie, (but it has to be really good food). I’m a connoisseur of great music with inspiring lyrics and my aim is to try and live out a Christ-like life, impacting others and touching one person at a time.

Do you think kids nowadays especially in Nigeria have enough financial literacy? Why? Woah! This is a dicey question that comes with both a yes & no answer. Yes because as Nigerians we try to ensure our kids are Street smart & savvy when it comes to money but it’s also a no for me because I think we don’t really teach them financial literacy. We and the society at large show them the importance of having lots of money but we don’t take time out to really teach them the foundation or rubrics of finance and I don’t mean the theoretical “accounting” stuff but the whole true wealth creation, accountability, and sustainability concept. Investment and knowing the money market are areas that they’re not familiar with and this might be because, for most of us, all we really know is buying Shares and “money doubling” Ponzi schemes. But there is so much more, and luckily there are Organizations that are trying to bridge that gap.

Do you teach them how to manage their finances? Do you have any form of savings culture for them? Yes, my older daughter was introduced to a savings culture when she was much younger and I plan to do the same for her brother. She has a piggy bank and a bank account that she’s aware of. As she grows older, I plan to teach her about investments and making her money work for her as opposed to just leaving it in a bank. I’m realizing that children are not as naive as we were back in our days. They’re more exposed and learn very quickly, so it’s important to start early.

How have you been able to teach them how to control and coordinate their spending – My daughter is 7 years old, interestingly I’ll say she was the one that showed me that I needed to take teaching her about developing a savings culture seriously. When she was 5 years old, whenever we go into the stores she’ll throw a tantrum if I didn’t buy her what she wanted. So I told her that I’ll give her N500 each time we’re going to the store and she can use it to buy whatever she wants or she can save it and use it to buy a more expensive doll that she really wanted. This worked out so well. She refused to buy anything in the store and she stopped throwing tantrums as she was the one in control of her funds. It turned out that she was more determined to save her money and buy the expensive doll.

Over the last 2 years, she’s become so conscious of her savings, she makes me accountable as I’m not free to spend her gift money. She insists that she’s saving for her future and no one should take out of her savings!!! She’s learned discipline, responsibility, prioritization, etc. During this holiday she’s taken up doing some chores so as to earn more money. We had to split the chores into those that are her normal duties and the extra duties that she gets paid for. She co-opted her friend into the scheme and they decided to perform outside chores within the estate so as to earn money. However, as she grows older, I plan to enroll her in more structured Financial literacy programs.

Chimobi Veralyn Okike

Let’s get to meet you. How long have you been married and how many kids do you have? 

I’ve been married for 7 years and I have two kids

Do you think kids nowadays especially in Nigeria have enough financial literacy? Why?

Well, they have financial literacy but not enough. Or maybe I should put it this way, depending on the age categorization

A child within the ages of 3 – 5 Knows that money is required to buy things but doesn’t understand how easy or hard this money can be gotten and that’s why they’ll cry when you are not forthcoming with what they want.

On the other hand, an older child that understands that money is not easily gotten is more thoughtful in his/her approach when asking and even cultivates the saving habit. Saving from the little pocket money they are given so as to cater for some of their needs without asking and without feeling like a burden to their parents or guardian.

In summary, based on the categorization, some children in Nigerian have some level of financial literacy that can be further harnessed.

Do you teach them how to manage their finances?

Yes, don’t buy biscuits and sweets (lol)…keep the money so you can buy something later when you need it.

 Do you have any form of savings culture for them? My 5 years old has a piggy bank where she keeps her monies. On the bigger scale, she has her account where if she permits her piggy bank funds are moved.

How have you been able to teach them how to control and coordinate their spending?

Using myself as an example, I buy her snacks in bulk and keep them at home which I know is basically what she’ll be asking to spend her money on and so when she comes that she wants to buy a biscuit or drink…I tell her it’s at home, keep in your piggy bank. Lol

Uloma Lilian Okorie

Let’s get to meet you. How long have you been married and how many kids do you have? my name is Engr Uloma Lilian Okorie, I was married between 9th June 2012 to 5th May 2015. I have 2 boys:

29th Oct 2012 (9yrs) 29th April 2014 (7 yrs)

Do you teach them how to manage their finances?

Sure, I think they do and are getting exposed daily to understand the importance of financial literacy.

 I started early enough during my NYSC in 2004 to save even way before I married to save for my unborn kids any little money, I come across I created a small portion over the years to save.

But as my kids came by, I made small piggy banks for them both to encourage them to save and know that every hard work is rewarded.

I have told my firstborn (9yrs) I will enroll him into a craft class (electrical workshop) to see his skills flourish and if he does wonderfully well. I will be rewarding him monthly.

How have you been able to teach them how to control and coordinate their spending?

They hardly spent out of the Lil piggy savings so far. We do a stock count every month of the Year. I spend from their dedicated bank accounts for their school and personal needs.

They will be able to start spending from their piggy savings from Secondary school so as to give accurate accounts gradually

Please share with us how you teach your kids about money management in the comment section below.

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