Parental teaching can help children avoid future debt

Mon, 23 Jan 2012

Parents eager for their children to be free of troubles later in their lives may be wise to start teaching their kids about the value of money from a young age.

Rasheed Ogunlaru, life coach and motivational speaker at rasaru.com, has noted it is essential mothers and fathers try and make their little ones financially sensible.

The expert pointed out people pick up their ideas about money and saving from their family, adding: "As a parent, it's really important to be mindful about what kind of messages you're giving your children about money."

Mums and dads who do not wish to see their offspring contending with debt issues when they grow up may therefore wish to instil good monetary practices in their kids sooner rather than later.

Mr Ogunlaru added parents should encourage their sons and daughters to be strategic and sensible with their cash, placing a special emphasis on budgeting and planning.

Earlier in the month, Credit Action's latest debt statistics revealed money problems are resulting in more than 100 properties being repossessed on a daily basis.
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