Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Parents urged to rethink how they teach kids about money

Media release from Iron Road Ltd

Parents urged to rethink how they teach kids about money or chores

With the average IQ increasing generation on generation*, parents are being urged to rethink old-fashioned methods – like the carrot or the stick – when it comes to getting children to do constructive things like chores or managing their money better.

Operations Manager at Westforce Credit Union, Mr Victor Martick, said the credit union’s involvement with parents and their children – particularly around financial literacy – showed that most parents want to teach their children the value of hard work, responsibility and making a valuable contribution to society.

“Even more important – but most neglected – is passing on skills like how to work well with money. Parents tell us however, that they struggle because children seem so smart these days.

“Telling them to 'do their chores just because you said so', usually means there is only one winner - you, the parent. If you love your child enough to want them to win at life, you're going to have to teach them how,” he said.

Mr Martick said one approach parents could take is to find out what motivates your child and to use that as leverage:

1. Find out what motivates your child. For example, perhaps they would love a new bike or hockey stick. Offer to pay them an agreed sum to do selected chores (other than routine tasks like making the bed and cleaning their bedroom). Examples of money earning chores could be washing the car or mowing the lawn.

2. To begin with, encourage easy goals that don't take too long to achieve so that the child can get into the habit of attaining goals. For example, a hockey stick may be more achievable than a new bicycle.

3. Set the rules, including:
* When to do the dishes
* How to do them properly
* The reward they will receive
* How long it will take to reach their goal

4. Use emagineIF to document and track the chores, earnings and goals.

In an effort to make some contribution to changing the money habits of young New Zealanders, Westforce Credit Union recently teamed up with the developers of ‘emagineIF’ – a new, free platform that helps kids with goal setting, teaches them to save money and also has a fun ‘chore and reward facility’.

"emangineIF helps parents teach their children about money. It shows the correlation between work and earning money and the relationship between goal setting, aspirations and savings towards an end result,” he said.
*Professor James Flynn, Professor emeritus at the University of Otago (From INTELLIGENT LIFE magazine, December 2007)
Ends/…

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Balance Of Trade: NZ Posts Trade Deficit In October On Falling Dairy Exports

New Zealand’s posted its largest monthly trade deficit for October in six years, while narrowing the shortfall from September, led by a fall in dairy exports to China while all main imports into the country rose. More>>

ALSO:

Gigatown Winner: Plenty Of Positives For Dunedin

Although the city has taken the Gigatown title, along with new ultrafast 1Gbps broadband and funding for $700,000 worth of UFB-related initiatives across the community, Mr Cull says Dunedin has gained so much more through its involvement. More>>

ALSO:

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news