As children grow and explore the world, there are many lessons that every father hopes they will carry for life, from practical skills to important values. However, one that is often overlooked in certain cultures – including Filipino culture – is financial literacy.
In many Filipino households, conversations about money are typically limited to the adults and center around immediate needs, familial support, or remittances from overseas workers, leaving little room for lessons on saving, investing, or budgeting. Fathers, however, can break this cycle by intentionally incorporating financial education into daily life. By teaching their children not only the value of money but also the importance of managing it wisely, they can empower the next generation to build a more secure and prosperous future.
Sun Life believes that fathers play a vital role in shaping financially responsible future generations through early education. This guide walks fathers through a few lessons picked up over the years, serving as a starter for dads looking to help their kids build a strong financial future.
1. Empower them to set goals for themselves.
Start off by teaching them needs versus wants. Helping them realize that needs are those that their parents must provide for them while wants are optional – but they can have it if they help save up for it. This will lead them to choose a financial goal, like a toy, a book, or a pair of sneakers. Having a goal serves as a guide, an inspiration, and a beacon toward what they want to achieve – and how they have the power to do so.
2. Teach the value of hard work.
Once they’ve set a financial goal, it’s time to guide them in funding it. Children usually receive a regular allowance during school days, and one way to do this is by tapping into their talents. They can do art for friends and family for a fee; older kids can offer tutorial services; or they can be dad’s assistant for a day. This way, they will understand that money is earned, and not simply given.
3. Encourage smart saving to start strong.
Once children start earning some funds, it’s important to ensure these are properly kept. Fathers can encourage starting small with a piggy bank. Later, they can help their children open their own savings account. Introducing them to financial institutions early on would give them confidence to leverage instruments like insurance and investments when they grow up.
4. Emphasize the importance of budgeting.
No matter how much money they save, it could all go to waste if they do not know how to manage it. Dads can introduce the concept of budgeting using the multiple piggy banks or envelopes designated for long-term savings, short-term savings, giving or donating, and spending. This will be especially useful when they grow up, as budgeting teaches them how to prioritize what truly matters.
5. Teach them to celebrate their achievements.
When children reach their financial goals, fathers should encourage them to enjoy the rewards of their hard work fully. Whether it’s buying that long-desired toy, book, or pair of sneakers, the act of achieving what they set out to do reinforces the value of persistence and dedication. Experiencing the fruits of their labor firsthand instills a sense of pride and accomplishment, which fuels their motivation to set more ambitious goals in the future. This celebration also teaches them the balance between saving and spending, a critical financial skill that will serve them well as adults.
Financial literacy is a priceless gift that fathers can give their children, preparing them for life’s opportunities and challenges. By instilling strong money management skills, children develop discipline, foresight, and purpose – qualities essential for building a secure future. Companies like Sun Life can further support families in achieving these goals through products and services tailored to securing a brighter financial future.
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