Parents Should Teach Children How to Use Their Money
Its the time of the year again when children will be receiving lucky money as Chinese New Year’s gifts. An online survey showed that more than 50 percent of children in large cities in China receives more than 5,000 yuan, and around 5 percent receiving more than 10,000 yuan as lucky money.
Now the questions is, how will they use their money?
Recent survey have shown that around 70 percent of the children that are 12 years old or younger that receives lucky money as gifts promptly hand the money over to their parents. 80 percent of children that are 12 years old or older were allowed to keep their money. One 16 year old student said that she has been handling her lucky money since she was 14 years old. She uses that money to buy stationery and books that she can use for the incoming new semester. And what remains is spent on shopping with classmates.
Some high school students even get more than 20,000 yuan, and because there is no supervision and the lack of self control, most of their money is spent on things such as mp3 players or mobile phones. Experts are suggesting that parents must guide their children on how to spend the money and teach them to manage their finances properly. It is not advisable to take the money away from the child since they think that it belongs to them leading them to either hide the money from their parents or steal it back.