It's important to instill financial confidence in your child from a young age
- Sanlam has launched the Savings Jar app to encourage children to be more financially savvy
- South Africans are notorious for their bad savings habits
- The app teaches children about savings and setting goals for a future purchase
The basic behaviours and habits that a child takes into adulthood is formed during early childhood development stages of life.
A child's attitude towards money is no different, and a parent's approach towards their own finances is crucial to a child developing a healthy and positive relationship with money.
Kids basic money habits are formed by the age of seven. We're literally talking early childhood development, so you can start talking to your kids about this at the age of three.Mariska Oosthuizen - Head of brand at Sanlam
We're talking about really early on to have those basic conversations, but of course to have it in a fun way, so that they understand it. Through play and imagination, rather than trying to talk to them just about budgeting, which is quite a difficult concept for a child.Mariska Oosthuizen - Head of brand at Sanlam
We want to encourage parents to have those conversations early on, and of course to do it in a fun and gamified way, because we know that's the best way that kids learn.Mariska Oosthuizen - Head of brand at Sanlam
Sanlam have developed an interactive smartphone app that provides financial education to kids by teaching them how to save money from a young age.
Sanlam Savings Jar, lets children accumulate savings by collecting coins and setting goals to buy whatever toy or gadget they've set their sights on.
We teach the basic money principles around setting goals. Then about doing planning, budgeting and having to work for your money. Money is earned and doesn't grow on trees or come from a magical ATM, money machine that spits it out.Mariska Oosthuizen - Head of brand at Sanlam
Lego isn’t cheap 😅. I’ve been teaching my daughter the value of saving with the free Sanlam Savings Jar app. My daughter learns the value of money and we’ve got a DRAGON named ‘Borgie’ that grows as she saves 🐲 🐉 Get the App or visit https://t.co/VsmTV35uIG #SanlamSavingsJar pic.twitter.com/By4B9ZrrGl— owen hannie (@owenhannie) July 28, 2021
If you don't learn how to make money, and make your money work for you, you'll never get ahead.Mariska Oosthuizen - Head of brand at Sanlam
We can learn about the wants vs needs. We so often live outside our means, and that's what gets us into debt. If we can learn the basics that there are wants and needs, delayed gratification and pay yourself first, then we set ourselves up to be more financially confident adults.Mariska Oosthuizen - Head of brand at Sanlam
Scroll to the top of the article to listen to the interview.
Source : https://www.123rf.com/photo_71507067_couple-sitting-at-table-and-calculating-bills-at-home.html?vti=mqvnjmnmuiywoxa389-1-16