Teaching Children To Save

[Standard Bank Team]

We recently participated in the Banking Association of South Africa’s (BASA) annual Teach Children To Save (TCTS) campaign with the aim of empowering youth across the country with the importance of saving and understanding the relationship that they share with their money.

The initiative saw about 150 of our staff members give one hour classes on the value of money to over 7000 learners at 35 schools all over South Africa, including the Eastern Cape, North West, Gauteng, KwaZulu-Natal and Free State provinces.

We chose to teach Grades 8, 9 and 10 learners about the importance of saving. The lessons and topics covered the difference between needs and wants, budgeting and the use of ATMs.

Here are our top tips to help your child to be savvier with their money:

1. What is money?
2. The limitations of money
3. Needs vs. your wants
4. What is a budget?
5. How to save

Knowledge is power and the power for the future lies in the hands of our children. Educating youth with the tools and skill to save, will help them to be savvier with their money in the future.