In Nigeria, many people are often overwhelmed by the various tasks they have to carry out on a daily basis. These tasks are often cumbersome when they include providing the basic needs for families and dependants.
Given the economic downturn sweeping through the country at the moment, some parents find it difficult to meet the basic needs in their homes, let alone save something for the rainy day. This is because they spend almost all earnings on food, clothing, shelter, transport, health care and other amenities.
For those who have children, the story could even be more complex and it would take a big sacrifice to save for the future.
To this end, it is important that parents begin to teach their children the value of saving money. Children often get gifts in forms of money and other items from callers to their homes. It will be wise for parents to inculcate in their children the habit of saving early in life.
But some parents have always wondered about the right time to introduce children to saving money.
A mother of two and businesswoman, Mrs. Agnes Thompson, said that in the past, people usually kept old coins at home.
She said, ‘‘I vividly remember that my mother told me stories about how her grandfather dug up the earth and put coins in there to keep them safe. That was a unique method of saving money in the 1940s through the 1970s. Although I do not know if people still do that today but she told me that it was prevalent in the past.’’
Thompson also said that she heard stories about how elders used other traditional methods like saving money in a clay or earthen ware.
She said that parents and guardians should begin to teach their children the value of saving money from an early age so that they could realise early the practical advantages involved in doing so.
“The ‘spend-it-all-at-once’ mentality in our children and youths need to be checked and one of the ways to do so is through the introduction of a proper saving culture. As parents, we are duty-bound to make our children understand that they must begin to save money at some point in their lives,’’ she added.
On her part, a mother of three and lawyer, Anthonia Williams, said that encouraging children to start saving money from a tender age is a step in the right direction because it would reinforce the point that not all that glitters is gold and no condition is permanent.
According to her, parents should get a small piggy bank for their children and show them how it works.
Williams said, ‘‘For kids, it is important that they start saving from the age of seven or thereabout. My eight-year-old son and five-year-old daughter already have piggy banks and they know that they have to put every penny they get from family and friends in them. I do not allow them to spend money on unnecessary things. I also ensure that they buy only basic things. At their young age, you can say that they already have a sense of financial responsibility because I always drive home the point that they have to save money and in their childlike innocence, they’ve understood that fact.’’
She added that upon the mastery of saving money, children would embrace the attitude and continue with it till adulthood.
Williams reiterated that exposing children to how to save early in life would ultimately result in them learning economic freedom and continually desire to save for the rainy day.
“The move would also make children appreciate the value of hard work especially when they begin to see the gains of their savings. When children learn how to save money, it would also make them sympathetic to the plight of the underprivileged in the society as monies saved can be given to poorer relatives, old peoples’ homes or even motherless babies homes if need be. It could also be used to buy presents for their parents, siblings and other family members,’’ she said.
According to her, the Bible urges parents to teach their children godly principles because when they grow up, they will not depart from them.
Another parent, Mr. Kingsley Ochuko, viewed the savings culture issue from another perspective. He said many banks now have various forms of flexible saving schemes for children of all ages which parents and guardians could take advantage of.
He noted that some children used the saving schemes to their advantage even to the extent of paying for their tuition through them.
“The holiday season is almost over and a new school year is fast approaching. Children who have saved some money during the period can assist their parents by giving them the little that they have saved up during the holidays. Their parents, in turn, would add money to the sum and use it to offset some bills as a new school year approaches,’’ Ochuko stated.
Also speaking on the issue, a psychologist at the Federal Medical Centre, Abeokuta, Ogun State, Mr. Segun Ayanshola, also said that savings and children could be viewed from a two-way approach.
He said, ‘‘The first part starts from the moment a child is born and is given a name on the eighth day. From that day, parents should endeavour to open an account in the name of the child and save the money they got from the christening in the account.’’
He noted that the second approach should be to introduce the child to how to save as he or she grows.
Ayanshola said, “From the age of five, the child is fully aware of things happening around him. Parents can therefore introduce the piggy bank option at this stage. They should introduce a little sum and explain to their children why they need to always set something aside. For instance, they can save monies given by friends and families on special occasions and would be amazed at how much they would find in their piggy banks after some time.’’
He, however, cautioned that parents should keep an eye on their children and always ask questions, especially when they start putting large amount of money in their piggy banks.
The psychologist said the essence of saving money would be defeated once the money was perceived as stolen.
For parents who have spoilt their children and made it easy for them to have access to a large sum of money, child expert said such a situation could result in negative behaviours such as covetousness and waywardness among others.
No doubt, teaching children how to save money early in life would be beneficial to them, their parents, and society at large. The approach every parent may adopt could vary from household to household but the most important thing is to achieve the desired results.
