money matters should start much early


Recently i talked to some friends of my daughter who frequently come here to meet her(college level children) regarding some elementary money matters.

1.difference between savings and investment.

2.household income.

3.household expenditures

4.How the elders meet the expenditure

5.saving habits in the family.

6.some basic banking operations.

unfortunately a majority of them either did not know what was happening  or were not aware fully.In all cases the parents have not been forthcoming to them to discuss about these issues.This is what happens in most of our households in India where parents  think they should not talk about money matters to the youngsters and it is bad for them.On the contrary the earlier the children are introduced to money and related aspects it will be better for them and the families too. There is no structured study on money in schools and children first come to have an idea of all these only around 17/18 years when they are in college.till then lots and lots of negative inputs enter them about money and cloud their thinking hampering their decision making in money matters in later life.