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As the world of finance becomes more complex, most of us aren't keeping up. In this series we're exploring what it means to be financially literate.
Advice on money often boils down to simplistic messages about budgeting, understanding compound interest and avoiding debt. But research suggests financial decision-making depends as much on our values, expectations, emotions and family experiences as information taught at school.
In short, the way people interact with money is highly complex and so the way we teach our kids needs to catch up.
It's time for a shift from teaching children rote-learned financial rules of thumb to instilling dispositions and a thinking process that underlies good financial decision-making.
Funnily enough, the debate over "smashed avocadoes" illustrates two concepts that can make all the difference to how we approach financial decisions. The first is a future orientation and the second is self-regulation.
Read the full article on The Conversation https://theconversation.com/how-to-teach-your-kids-to-think-more-critically-about-money-84699
Also read https://www.mylifemymoney.co.za/Consumer/Blogs2/Lists/Posts/Post.aspx?ID=54