Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
12,086.70114.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

9 money management skills kids should learn: How does your child score?

Is your child managing money right? Are his/her money skills on the right track or is there something you could do to check them if they are not? Find out how your child scores on these nine aspects of personal finance.

, ET Bureau|
Nov 11, 2019, 06.30 AM IST
0Comments
Getty Images
cochildus
Parents need to handhold their children through the maze of the financial services industry.
No child just carries in his DNA all the necessary life skills and traits. In addition to the genetic composition that make children their unique self, they also acquire and imbibe these skills over the years as they blossom into distinct individuals. Consequently, the parents can transform the lives of their children by imparting the right financial advice in the child's formative years itself. His/her environment and surroundings are key to his/her attitude towards money later in life.

So is your child managing money right? Are his/her money skills on the right track or is there something you could do to check them if they are not? Here is some help for you. Find out how your child scores on these aspects of personal finance, check if he/she is good, fair or poor at them.

  1. Budgeting: Spends within his means and manages with scarce resources.
  2. Saving: Sets financial targets and is able to save out of pocket money to achieve those goals.
  3. Banking: Understands banking concepts and rules (savings account, cheques, demand drafts).
  4. Loans: Knows about EMIs, interest rates and the perils of falling into a debt trap.
  5. Online transactions: Able to make transactions using wallets, credit and debit cards.
  6. Safe and secure: Understands risks posed by identity theft and online frauds.
  7. Stocks: Understands what stocks are and how one can invest in them.
  8. Insurance: Knows how life and health insurance work and the importance of these instruments.
  9. Mutual funds: Knows about mutual funds and how one can invest in them.

Also read: How to give your children a head start in investing

Also Read

Digital skills to decide pay hikes at Infosys

'RBI is working on strengthening its supervisory skills'

Skill your emotions for stock trading with Malkansview

MSDE, IBM jointly launch SkillsBuild platform

Targeted PMKVY, skills framework rejig proposed

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service