The future of the UAE is in the hands of the younger generation – it is our duty to ensure they spend it wisely.
The future of the nation is in the same hands you press pocket money into. Minors and young adults make up 50 per cent of the UAE’s population, and the financial stability of the UAE hinges on their ability to spend and save wisely. The younger children learn, the more likely they will enjoy a prosperous future.
As soon as your child comes into contact with money – from when they receive their first allowance or open their first savings account, it’s time to talk finance. In the same way you would encourage your child to eat healthily by handing them a banana, you need to instil the values of saving and spending wisely.
The basics of budgeting are not hard for a child to grasp, but it can be difficult to know where to start. Fortunately, there are many tools at your disposal. For example, UAE Old and New Money by Khadijah Kudsi and Sarah Mavrinac is a wonderful way of teaching children about the values of saving. It’s full of tried and tested methods on the best way to teach your children about financial literature.
The authors’ recommendations are based on their experiences in schools around the UAE, where they hosted numerous workshops to teach children about responsible money management.
The authors, both mothers themselves, were inspired to write the book after seeing how mastering money management helped their children grow in confidence. With a strong sense of financial awareness and responsibility, they knew their children’s lives would be richer and happier, and they wanted the same for every child in the UAE.
National Bonds Corporation is now working with the authors on future events to promote a responsible savings culture among future generations.
Teaching children that saving is rewarding comes with challenges. For your child, next week can seem like forever, and so long-term benefits become difficult to explain. You may need to get creative. If it would take your child a month to save up for the toy they want, why not make a calendar where they can tick off the days?
Regular treats will help reward your children for taking responsible financial decisions. If you buy them National Bonds Savings Certificates, they will have a chance to win one of 200 daily prizes of AED 50. Once a year, National Bonds distributes Eid prizes to more than 500 minor bondholders. On the occasion of Eid Al Adha, minor bondholders can enter a draw for AED 50 for a chance to win a grand prize of AED 50,000.
Prizes such as these reward your children for making responsible financial decisions – even on occasions such as Eid.
Education begins at home. By teaching your child the value of money you are helping them to secure a stable future for themselves, their future children and society as a whole. It may seem like a big responsibility, however with organisations such as National Bonds it isn’t one you have to shoulder alone.