An Early Start

An Early Start


Benjamin Franklin said an investment in education always pays the best interest. I recently received an email from a 13-year-old boy who has been reading my articles in RobinAge. He said the articles were very informative and he liked reading them, but he wasn’t very sure if knowing about money at such an early age would help him.

Scientific research says that whatever the brain learns till the age of 12 becomes a part of one’s personality. Educating oneself about money is one of the 4 important aspects of one’s personality as it has a distinct role in shaping a person’s values, culture, habits and attitudes. Most economic problems that countries deal with today are directly or indirectly linked to the lack of economic education. When we have civics and history as a part of our curriculum at the school, then why not the economy?

I firmly believe in financial literacy at an early age. Learning about the fundamentals of money of money like budgeting, saving, a value like budgeting, saving, value for money and taxes should be started at an early age. unfortunately, we have started following the western trend and moved from saving to spending and borrowing. The value of credit card transactions has increased by 85% in the last five years. This fact alone clearly proves that the inclination to spend is not proportionate to the wealth one has in hand.


There are 4 aspects to financial literacy and they are,

   1. Value for Money

To explain it simply, value for money means deriving the maximum benefit from the money you have spent. So if you are buying a game worth Rs. 500, you need to ask yourself, how long will you keep playing this game? Will you use it often or will you get bored with it after playing it just one? It is important to buy a product only after you are sure of its value for money.

   2. Money Culture

To a great extent, we are influenced by our surroundings and environment. Culture is a human tool for survival and money culture is a specific characteristic of a particular group. Learning the right money culture helps children understand the essence of money and economy.

   3. Money Habits

Spending is a habit. Saving is also a habit. Habits can be reformed and altered. If you spend on an impulse and this becomes a routine, you will be in the habit of spending. Remember, every rupee saved is a rupee earned.

   4. Money Attitude

Taking the right money decisions is all about attitude. The right behaviour. There is much money or don’t spend any money and behave in a certain way. If you can frame the right attitude towards money, you can be wealthy and rich.

– Jane Sha

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