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- Category: Miscellaneous
- #569761Nowadays banks allow 10 years old kids to open their own independent accounts together with debit card and cheque book like facilities. Mobile banking and internet banking is also allowed on such accounts.
In my opinion, all parents should open a bank account in the name of eligible children and thereby let them learn the basics of financial management since young age.
Regarding handling big money, generally that comes only when one start earning in most of cases of service class individuals. However in case of business class families, the children may start handling money at any stage as and when involved by their parents in such matters.
Taking into account the prevailing scenario, many average students remain unemployed for longer periods and therefore they never get a chance to handle their own money.
Mostly people learn handling money properly only after wasting a lot of money in the initial stages.
Let us encourage each other in sharing knowledge.
- #569786I agree with K moahn sir, but it is difficult to explain a chld ( who are at the age of 12-16) which is proper expense and which is wastage, as they like to watch movies at multiplex by paying higher amount for ticket, where as if parents guide them then they might get hurt. So from the lifestyle of teh family every children is having different kind of expenses, and little luxurious can not make them feel as it is a wastage of money. But still parents should keep eye on their children's expenses, so that they can understand the value of money while spending and should make them aware ( mean time not always) how difficult is earning money. Then they might control their spending son unnecessary things like having fast food always out side, huge spending on internet and mobile recharge etc.