I can't overemphasize how I learned about financial literacy; every day of my life, I have my grandmother to thank for it because if it were left to my parents, I don't think I would have been able to learn to be financially literate.
My parents always allow me to have things my way as the only girl in the house. If I were given any money now and I were to use it to buy biscuits or any snack, they would allow me to go get it, but that wouldn't be good training.Money doesn't stay in my hand for two minutes; I will use it ASAP.
But then I went to stay with my grandmother after my parents had an issue and they didn't want me to get caught up in the crossfire. I still took my character to her places.That woman disciplined me; nobody told me. I was just six years old then. If I make a mistake and use money to buy biscuits without her permission.
Straight up, that will be my food for that moment. If it was breakfast time when I bought the biscuit, it will automatically become my breakfast, same thing with dinner or lunch. I noticed none of my cousins use their money but will always beg me for my biscuit without giving me their food, no matter how small.
It was then that my grandmother started teaching me how to be accountable for every penny I spend on useless things, as she called it. She bought a piggy bank for me. I started saving, and she encouraged me so much that even when she asked me to buy biscuits, I would tell her no. Sometimes she would say, 'I love how you are becoming very smart and intelligent.'
It took me some time to get a grasp of it. After some punishment and teaching, I was able to learn and am very thankful to her. May her soul rest in peace.
I think financial literacy should be taught to a child as soon as he or she understands the use of money. Teaching them early is important, as some children grasp the concept of money faster than others. As a parent, you should be able to understand your child and how best to teach them financial literacy because what works for your first child might not work for your second or your last.
Like my neighbor, she was used to buying anything that her sons want. Whenever you try to talk her out of it, she will always use this annoying phrase, 'He's the reason why I'm hustling.' Aunty, I know. So, because he's the reason why you are hustling, you won't set boundaries or refuse to give him everything he requests for. She has a son, and she started using the same approach, and her business went down.
As a parent, start as soon as your child starts understanding the use of money; you should start lecturing them. Teach them how to save and make sure they use it to buy one important thing that will last for them.
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