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| With personal asset management becoming socially influential, what with delinquent debtors exceeding 3 million people, interest in children’s education on money management rises. As in other forms of education, the influence of family and parents cannot be questioned when it comes to money management education. Parents also recognize the importance of education on money management, yet they have difficulties providing such. |
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| With stable jobs disappearing and transfer rate rising, continuing personal ability development and proper career management are becoming increasingly important. Nonetheless, we cannot ignore the economic influence of an occupation change. Therefore, before deciding on an occupation change, you should consider the following measures: |
| Parents should give children a lead through planned expenses. |
| Children learn by their parents’ action, not words. If their parents don’t establish a plan, and they are insensible, children tend to show impulsive and unplanned consumption behavior. It is better to explain briefly the big items to reflect the necessary expense items on the budget after a discussion with the children so that you’ll know where they spend their money on; this method reminds children that they are members of the family as well and serves as good training for controlling unnecessary expenses. |
| Parents themselves should accumulate knowledge and experience related to finance. |
| If you cannot do it by yourself, you can utilize various institutions’ economics education programs and financial education programs. The following are examples of good sites that you can refer to for children’s money management education: |
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| Give pocket money in an amount that enables self-control. |
| Pocket money can be used as a tool for training your children to control overconsumption; it can create the habit of living with a plan and within the budget. If your children seem to tend toward overconsumption, don’t blame them. The pocket money given at this time is a kind of education cost incurred to let them gain wisdom after trial and error. You should decide the amount of their pocket money by discussing with your children and give the designated amount at the designated time. In addition, be sure to check if they maintain a logbook for their pocket money. Even though they ask for more money after spending everything, never compromise. When giving them additional money, make them do housework. |
| Make them aware of the necessity of savings. |
| Instead of forcing them, try to find a means of stimulating their interest. For example, write the name of the thing your children want to have on their piggy bank or attach a photo of it to inspire in them a sense of mission. Creating an account in your children’s name is also recommendable. Explain the concept of compound interest and the fact that money begets money and make them realize how much money increases. |
| Don’t neglect education on investment. |
Since the current low interest-aging trend is likely to continue in the future, consumption and savings alone cannot explain everything in money management education for children. If you want to teach them about investment, both parents and children should invest together in stocks directly or participate in various investment games or mock investment game.
Finance education-related Internet sites or some securities companies offer programs for children such as a mock stock investment game that you yourself can try. |
| Teach them about charity and donation. |
| One final note regarding money management items for your children -- teach them the importance of charity and donation. This will be an opportunity to realize the joy of sharing and cultivate the virtue of concession. Start with a small donation so that your children can do it by themselves and present an active image for them to see that parents also participate in charity. |
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case 01 : Use and Management of Liabilities
case 02 : Protection of Family
case 03 : Preparation for Children’s Educational Expenses
case 04 : Preparation for Children’s Wedding Fund
case 05 : Main Purchase Activities
case 06 : Occupation Change
case 07 : Education on Children’s Money Management
case 08 : Preparation for Post-Retirement and Long-Term Nursing
case 09 : Preparation for Inheritance
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