- A Kenyan father has revealed he trains his three-old-year daughter to know the value of money
- He says kids learn through observation, so he sets the right foundation for her to learn about how to earn and spend money
- He cautions Kenyan parents against delaying the financial literacy talk with their kids
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A Kenyan financial consultant, Andrew Kibe, has called upon parents to teach their children about money as early as possible.
Andrew Kibe – Director of Dreamers Club Africa that teaches kids, teens, youth and adults financial literacy, said that as long as the child can pronounce their name, they can grasp the concept of money.
“Do you think a child just wakes up one day and calls out their name? A word is a word, so if they can get their names right, what makes adults feel they can’t grasp another word in the financial sector?" Kibe told TUKO.co.ke during a Zoom interview.
Kibe explained the importance of the financial talk with children, warning that if ignored, many youngsters will end up making poor financial decisions when they grow up.
“The culture we bought and believed to be the gospel truth from others as Africans is ruining how we are socialised about money. We are were brought up to have a negative view about money as children, some say it is evil, it is wrong to introduce children to money, they will learn when they are adults, etc. So we do not speak to our children about it and we avoid the subject of money without rationale thinking about it. The reason why this is the biggest downfall is that we do not understand how the mind works psychologically," he added
Kids and their subconscious minds
Kibe notes that children between the age of 0-7 operate from a subconscious mind which learns from observation.
“Think about the number of times you have taken your child to the supermarket or shop to purchase anything and think about what your child observes. In the subject of money, they observe your spending.
So the subconscious starts to associate money with spending. How many times have you taken your child to the bank, Sacco or to your investments and businesses?" he poses.
According to Kibe, the money talk can even come up when a child is three years. He said he is training his three-year-old daughter that money is earned and exactly how to earn it.
Three-year-old working to earn money at home
“My daughter and I work for that money by doing house chores together in a fun way. I teach her that once you earn the money, you put it aside with a goal of doing something with it. Right now, she is using it to buy stuff whenever we go to the shop or supermarket. That exercise introduces her to the fundamentals of financial education. One, to earn you need to work and two, there are times money is not enough to get what you want.
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Today’s parents have been brainwashed to believe that spoiling your child is loving them, so they pumper them, they buy everything their children want. Then is something drastic happens like losing their job, the child is used to demanding and parents aren’t able to cope with the pressure,” Kibe advises.
He underpins that addressing the money topic with children when they are young helps shape their financial character when they grow up.
Consequently, he advises parents to simulate to their children how the real world works while still young and dependent on them.
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