CONNECTOR.AE 28 CONNECTOR.AE 29 KIDS AND EDUCATION KIDS AND EDUCATION children to develop saving skills, through simple and practical steps. Why Saving Skills Matter For Children Money habits begin to form as early as age seven, according to research by the University of Cambridge. By this age, children have already begun to internalise ideas about spending, saving, and the perceived value of money. When parents introduce positive financial behaviours early, those habits become second nature, leading to more responsible money management in adulthood. For families in Dubai, where exposure to luxury lifestyles is common, this becomes particularly Luxury beckons and advertisements teach us how to dream and how to spend. As the world becomes more complex and consumer-driven, nurturing the habit of saving in one’s children is more important than ever. It’s not about austerity, but about being in control of one’s future and making choices that won’t leave them in trouble later. Saving skills can shape children into confident, responsible adults who are ready to make sound financial decisions for their future. But how do you explain concepts like saving, budgeting, or delayed gratification to someone who’s still figuring out long division? The answer lies not in complex financial theories, but in simple, consistent habits introduced early on. Connector explores how you can encourage your How To Nurture Saving Habits In Your Children It is becoming increasingly difficult to resist spending money on things that constantly vie for our attention. important. Without early guidance, children can grow up equating money with immediate gratification rather than long-term planning. Teaching the value of saving now can prevent financial stress later and foster a deeper appreciation for work, effort and reward. Early exposure to saving also reduces anxiety around finances and promotes responsible attitudes toward both spending and giving. Introducing The Basics 1. What is saving: Explain that saving means keeping aside a portion of money instead of spending it all at once. A good analogy for younger children is to compare saving to planting a seed. You put something away today so it can grow in the future. Use simple examples and stories to make an emotional impact. 2. Needs versus wants: Help your child distinguish between essentials, like school supplies or medicines, and desires, like the latest toy or gaming console upgrade. You can make this practical by categorising shopping lists together 3. Earning before spending: Even young children can understand the concept of earning through chores, helping at home, or completing tasks. When they see that money is tied to effort, they’ll value it more. 4. Saving for a goal: Introduce the idea of setting money aside for something meaningful, such as a book, a special outing or a long-term wish. This reinforces the reward of patience. Parents can explain these in day-to-day life. For instance, during grocery shopping, point out pricing differences and involve children in simple budgeting decisions. At home, create stories around saving by using real-life examples of how small savings led to big rewards. Actionable Strategies For Parents Every family’s rhythm is unique, but these straightforward steps can make saving a natural part of daily life:
RkJQdWJsaXNoZXIy MzU4NjA=