For several years now, banking associations across Europe have been working together with governments to find ways of improving children's knowledge of money, as well as of young adults and the general public. And it's surprising how little most of us know about money and finance!
So, despite what some might think, it is in the interest of banks to make sure people are as money-savvy as possible. Which brings me back to d'Woch vun de Suen: what are these bank volunteers teaching our children?
The basics: from differentiating between needs (must-haves) and wishes (nice-to-haves) to saving and spending pocket money (budgeting), things children should learn as soon as possible so they truly become part of their thinking process as they grow up.
You can see the full programme here: www.suen.lu
I especially like the section about advertising. It is something I am already confronted with at home and my son is only five! And I am surprised how quickly he picks up on what I sometimes think are complicated concepts (like the need to work to earn money, then save money in order to buy things). I cannot wait to discuss with him other money-related matters: Why do I need a bank account? What is the difference betweek a debit and a credit card? What is interest and how do I calculate it? How do I calculate a percentage or a discount? And the queen of all questions: why does borrowing money cost money?
Banks want people to make informed financial decisions. So banks go out of their way to contribute to financial education in schools and also later on in life. One of example of our efforts at ING is our blog www.mymoney.lu. Because many important decisions in life (buy or rent, work or study, when to settle down and start a family) are financial decisions!
