By Mzukona Mantshontsho
Parents play a critical role in teaching young people savings behaviour and if your parents are like most others, they put away some money for you and are responsible in doing so.
When parents do not teach teens to save, they inadvertently do not foster the right savings habits. Parents want to do everything for you, and by seizing the opportunity to foster financial literacy through education from a young age, they’re setting you up for a financially secure future.
It is important for parents to teach their children about saving and to encourage a savings culture as early as possible. Instilling saving habits from an early age will serve children well for the future. Although tricky – the idea of ‘putting money away to pay for something or even save for a goal whether big or small’ can be tough for an eight-year-old to understand – with a little help, and some fun games and tools, they can be well on their way to saving. I am happy to take this opportunity for our learners and young people in Financial Literacy.
Money is one of the most consequential parts of our lives, yet it is still one of the most awkward conversation topics for people to have.
Financial literacy is one of three pillars of focus, and yet when we take financial literacy programs to schools to teach children there is still significant level of reticence from parents and educators.
Teaching them about money will make them money minded, I’ve been told by a parent on more than one occasion.
How do we change mindsets about the perceptions of money?
We need to start talking about it early. We need to discuss it openly. Personal finance and business finance are things every learner and young person should understand very well as they cut across every aspect of our lives.
From simple concepts, such as earning, saving, spending and even donating to more sophisticated concepts such as taxation, investments, banking, budgeting, fraud and the dreaded debt, the more we know, the better we do.
Unfortunately, these are concepts that most people understand after very costly mistakes both at a micro and at macro levels. People, institutions and even governments have been crippled because they simply didn’t understand the consequences of these concepts.
Piggy banks or jars labelled with goals (e.g., “school trip,” “new shoes”).
Child-friendly banking apps that show progress visually.
Games where children earn tokens for saving instead of spending.
Cultural Integration: Parents can use traditional ceremonies or family gatherings to introduce saving lessons, linking cultural practices with financial discipline.
Practical options include unit trusts, tax-free savings accounts, or structured investment plans that allow flexible contributions while earning interest.
Community Savings Groups (Stokvels): Joining a trusted stokvel dedicated to marriage-related expenses can spread the burden and provide accountability.
