Parents, let your children keep their money at home

PARENTS are keen on bringing up their children to become happy and successful adults, and that includes financial success. Not surprisingly, we eagerly learn how to develop our children's good saving habits, and sign them up to participate in various school-based and public saving campaigns.

Unfortunately, many early education programmes and public campaigns to improve saving habits do not get through to our children, failing to result in a sustained increase in personal saving rates.

There are a number of reasons for the poor outcomes.

Promoters of personal saving habits have traditionally ignored lessons from research and studies of young children's psychology when developing campaigns to improve saving behaviour in particular among young children and adolescents. As a result, most children subje…