While the pandemic compels Filipinos to stay indoors, parents have more time to teach their kids about new essential skills.
Pru Life UK shared some of these lessons in their recent Cha-Ching Kid$ at Home webinar, focusing on financial literacy, money management basics for children, as well as the Cha-Ching Kid$ at Home online resources developed by Prudence Foundation, the community investment arm of Pru Life UK.
“The stay-at-home lifestyle is a good opportunity to develop new skills, especially for children who are still building the foundation for adolescence. We hope to create a better future for the next generation through our Cha-Ching Kid$ at Home efforts,” says Pru Life UK Senior Vice President and Chief Marketing Officer Allan Tumbaga.
Below are some skills that kids can learn while at home:
Basic household chores
Assigning kids household chores helps shape their mindset and habits and builds discipline for bigger responsibilities as they grow up. Parents can give them daily or weekly tasks that are age-appropriate. For example, kids two to four years old can put their toys away when they are done playing. Those who are five to seven can help prepare the laundry, set the table, or wash the dishes. Lastly, children who are eight to 10 can clean their room or take out the garbage.
Learning to cook at a young age can give children a headstart in growing their independence. Parents can enjoin their kids in preparing simple meals like pancakes, fried eggs, and chicken nuggets. They can also make fruit shakes and smoothies for merienda. To instill love and appreciation for cooking, kids can start cutting or peeling vegetables using child-friendly utensils. They can also get involved in online grocery shopping, so they can familiarize themselves with ingredients and their prices.
Parents must be “parentrepreneurs” and raise their kids to be money-smart, according to Dr. Mary Joy Abaquin, founder of the Multiple Intelligence International School and author of 8 Simple Secrets to Raising Entrepreneurs. She shared this in Pru Life UK and Prudence Foundation's Cha-Ching Kid$ at Home: Financial Literacy for Filipino Families webinar.
Dr. Abaquin advised parents to instill critical thinking when making purchases by comparison shopping, wherein kids find the best deal for an item by examining the prices of different brands. “If they are old enough to ask for a toy, they are old enough to learn about money,” she added.
Dr. Queena Lee-Chua, multi-awarded mathematics and psychology professor from Ateneo de Manila University, and author of Study Smart: What Parents, Students, and Teachers Should Know. Dr. Lee-Chua also shared her expertise as a resource person during the webinar. She discussed the 50-30-20 formula, where 50% of their money should go to needs, 30% for wants and 20% for savings.
“Self-control is an essential skill. We must reduce the impulse for immediate gratification, and practice delayed gratification,” she shared.
Building a strong financial foundation
Cha-Ching Kid$ at Home makes financial literacy less intimidating through parent guides and daily challenges that include entertaining and educational lessons, hands-on activities, and links to the Cha-Ching music videos. These are resources that parents can use to teach kids how to earn, save, spend, and donate.
Parents can view online or download the Cha-Ching Kid$ at Home materials at www.cha-ching.com. For more information about Pru Life UK and Cha-Ching, visit prulifeuk.com.ph/ or facebook.com/prulifeukofficial.
You can also watch a video I made here explaining more on how parents can teach kids to be more financially literate.