Should Parents Teach Their Kids About Money?

Should Parents Teach Their Kids About Money?

Sean: There’s a question, did your family instill this financial literacy at home, or was it something you discovered with peers or at school? I always thought that financial literacy really begins at home.

Nicole: Great question. I think for us we’re Filipino-Chinese right? I don’t know if I can speak for you. But I think at home we’ve always been told and emphasized on the importance of money, you know, like don’t buy this and that. I think that’s the sense of like financial literacy that I have at home. That it’s important to save stores. Don’t buy something if it’s a waste. Those things are the typical things that have been drilled into me. But if we talk about all those investments, I think that’s the extent of my personal finance education here at home. So like being mindful about where you put your money and not just spending it all, blowing it all, and how important it is. But when it comes to all of the things that I talk about now in my channel, I would say that a lot of it I learned on my own by just looking at articles, and watching videos. I actually got interested in personal finance around high school because I kind of felt like a crisis and I don’t know what course I’m going to take, but one thing I know for sure is I don’t want money to be a problem. Yeah, typically people have money problems if they don’t have enough of it. I would say that’s mostly what people struggle with.

So I’ve said that no matter what I choose to do in the future, I hopefully am not going to worry about money. And I just started, I googled ‘how to earn money as a student’, like ‘how to earn money like this and that.’ And typically you start encountering resources that say ‘you can freelance, you can do this.’ ‘This is about investments.’ It’s like that rabbit hole of learning that I was having when I was in high school or after I graduated. And that’s like the financial literacy I taught myself. And yeah, financial literacy definitely begins at home, but I don’t think everyone has that luxury of parents teaching them how to manage their money or maybe even at school. People would argue that it should be part of our curriculum, but right now it’s not. I didn’t learn these things at school. It would be nice if it were part of the curriculum, but for me, I had to educate myself. And I think that goes for the majority of Filipinos, and people around the world, are educating themselves about personal finance.