COVID Is Highlighting the Need for Financial Literacy for Kids
It is not often that we face a global pandemic.
As an international community, we have all had to manage this unexpected and fast-moving turn of events. It has affected so many with job loss, pay cuts, business closures, etc.
How many of us were prepared?
I saw a stat the other day that almost 50% of adults are $200/month away from insolvency. That is a tough position to be in right now, especially with the current economic uncertainty.
Now granted, who plans for a global pandemic of this scale? It is not something that is categorized in a common budget.
But… what is in a common budget is “emergency savings”.
When kids learn to save for an unexpected event early, it becomes part of their savings habit.
Right now, it might be for something like a broken game controller or a cracked phone screen. But think of what that savings habit can prepare them for in the future!
Maybe it will be for a big car repair or for another global pandemic. With a rooted habit to save for emergencies, your kids will fare better when something actually happens, and it will.
Covid is teaching kids many things… how to change their learning style, how to adjust to a new social environment, how to take responsibility to keep others safe.
One of the many lessons they need to learn during this trying time is how to save for unexpected events. It might just protect them from struggling when the next event of their lifetime hits, and it will.