When it comes to money, it should be taught from a very young age!

Financial know-how about how to spend, save and invest is crucial in our civilisation but very often left out.

All parents want their kids to grow up and be sensible with money. But this doesn’t just happen by chance - it has to be taught. As the great Greek philosopher, Aristotle once said: “Give me a child until he is 7 and I will show you the man.”?

His words of wisdom have been backed up by researchers at the University of Cambridge who found that the sooner you start instructing youngsters on matters of finance the better - for them and for you of course. Lessons in looking after the pounds and pence should start before they reach 7 and focus on how they use money, their spending habits and knowing the value of cash in their piggy bank, all of which are formed by that age.

Money is of course central to our lives, day-in and day-out. The type of home we live in, what we eat, what we wear, the sort of car we drive, how we look after our health, educational needs, parenting, giving presents, taking holidays, the entertainment that pleases us, home heating, power costs, and all important insurance requirements - money is involved in almost every aspect of our lives. Without a good practical knowledge of money, it’s a mighty task to do well in life. Just as kids can pick up bad habits from parents and adults, this can also apply to money matters. So instruct your kids well.

A recent study in the US conducted over three years has shown an obvious trend in "declining financial literacy" and indications that two out of three adults were unable to answer five basic personal finance questions correctly. However, in contrast with this, education in senior schools has been shown to reduce the use of high-risk, high-cost lending products like payday loans, high-interest-rate credit cards, and the like as they approach adulthood. Of course, young adults make huge decisions about student loans, credit cards and household budgeting soon after leaving school for further education or work, often with no proper education in personal finance.

There are of course lots of parents doing the right thing, but there are also many who feel guilty that they miss chances of talking to their children about money and finances. Then there are those who believe discussing finance with their kids is not really necessary because they are too young to be involved in such matters. But youngsters are invariably eager to share their parents’ knowledge on money matters and feel left out when they don’t - and are often confused.?

Savings are very important, so is budgeting. That’s why FRΞΞMΞN, a brand new prepaid debit card, will be available to families in the UK and Vietnam. It’s the first all-in-one financial solution tailored to modern families like Millennial Parents, Gen Alpha and Gen Z. The idea has been developed by a resolute team of young parents whose aim is to transform the lives of millions of underbanked families and young people by providing free access to financial education via its online support and advice platform, accessed by a phone app. More than just a prepaid card to help families get their finances in order and gain financial independence, FRΞΞMΞN is dedicated to provide financial literacy to families on both sides of the globe through intelligently thought out online tutorials on their app. But that’s just for starters. The movement is actively building a sustainable future for Millennial families and their children. What’s more, FRΞΞMΞN is offering a facility to donate to not-for-profit charities by individual choice.

With a focus on equality and security for all members of the FRΞΞMΞN Financial Freedom Family community, it can help families to manage their finances, and clear of any hefty card charges. Like other debit or credit cards, payments can be made instantly with one click. The account holder may issue up to four other cards to family members. What’s more, it’s a simple process to open an account online and the main card member can view payment movements in real-time, 24/7, by the clever user-friendly interface in the app. The family cardholders may only spend funds approved by the parent or guardian member and of course within the monies available.

Youngsters need to have their own money and this is the way they can learn how to make the best use of it. With the FRΞΞMΞN card, you can control how much they spend and on what. Effectively, an allowance, and that’s best determined by a child’s age. Through such a setup kids soon learn that spending isn’t always about splashing out on the things they want. It lays the foundation for outlay on things they need when they’re adults. So for every choice they make, there will be an outcome, good or bad. As with many important factors in our daily lives, personal finance is about making decisions - and choosing wisely.

The bottom line is that if you want your kids to develop good spending and saving habits, they really need to see you making smart choices. It’s a case of practising what you teach - and doing so with consistency. It can take time to educate your children about personal finance but if you put in that time and a bit of effort, whilst simultaneously communicating a clear message about money, you will get them into good habits that will serve them well in life.