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Savings culture in kids.

  1. Cultivating Savings Culture in Our Kids PARENTS FORUM October 3, 2011 Akeem Akinfenwa 1
  2. Outline • Background • Question & Experience sharing? • Case Study – How Now! Cow – Discussions • Our Suggestion • Summary & Conclusion 2
  3. Savings Culture – what is it? 3 38% of respondents prefer to spend their money on film, 25% prefer to spend on clubs and save, only 12% spent in restaurants and none spent on educational courses. 1. What activities would you spend your money on? 2. Where do you get your money from? 69% of young people get their money from their parents, 19% get them to work while their parents, 12% achieved their financial resources to work, and none of his friends.
  4. …Savings Culture – what is it? 4 3. Do you have a place to save your money? 54% of students have a place to keep their savings, 46% do not have a place to keep their savings 4. Who taught you how to save money? 83% learned to save their money from their parents, 14% from other sources, 3% through the school, and 0% of books
  5. 5 . Do you think you have a culture of saving? 59% of teens believe they have the culture of savings, 23% said not having the culture of savings and 18% has questioned whether or not the culture of saving 6. How do you visualize yourself in the future? 57% of teens are displayed in the future managing his own company, 25% running a company, otherwise 12% and finally the 6% working for a company Savings Culture – what is it?
  6. 6 7. How do you think a person becomes economically successful? 54% of teens think that by creating their own company they becomes financially successful, 17% believed that taking positions and high salaries and in other ways, finally the 12% believe that working for an international company can be successful …Savings Culture – what is it?
  7. …Savings Culture – what is it? Observations from research – Young people spend more on recreational activities in their; – The consumer culture does not allow most of us to save; – The perspective of most of us are in terms of BHAG or high goals; – The majority of young people expect their companies to create what would benefit the country; – It is noted that parents are the primary teachers and the majority culture has any savings from home. 7
  8. Question • How do we cultivate the habit of savings in our kids? 8
  9. Case Study -How Now! Cow 9
  10. Our Suggestions 10
  11. • Vs spend Save towards a project 11
  12. Our Suggestions • Teach your child how to earn money • Househould chores • Weekly allowance • Tell stories about money, budgeting and prudence • But! Be careful not to let it turn into a habit • Buy a piggy bank • Buy a piggy bank • Open a savings account for kids • Help your child calculate how long it will take to save up for something that she wants 12
  13. Our Suggestions • Help your child calculate how long it will take to save up for something that she wants; • Use some budgeting tools. There are lots of books and tools – The Everything Kids' Money Book: From Saving to Spending to Investing-- Learn All About Money by Diane Mayr; – The Totally Awesome Money Book for Kids by Adriane Berg; – Rich Dad Poor Dad by Robert Kiyosaki; – Budgeting worksheets to help your child track his or her spending. PBSKids.Org. • Tips for Parents – Don't buy your child everything she wants. – A child who is used to getting everything under the sun will have a hard time understanding the concept of budgeting. – Set a good example. If your child sees you buying things compulsively, she will get the wrong message about money. Instead, shop at sales and point out your savings to your child. Use family bank or money jar that you all use to save for special things like day trips. Over time, your good habits will rub off on your child and will make a lasting impression. 13
  14. Summary & Conclusion • 2 things we want you to ponder about – Go through and Implement Purdue Infant School’s Savings Goal Worksheet for children; – Open 2 accounts for each child • The first is an investment account to teach the habit of savings for long term • The second account which we refer to as Christmas Club Savings Account. 14
  15. •Thank You & Hoping We Will Implement The Plan 15