How can we teach our kids about the value of money and educating them about the basics of personal financial management?

Most parents assume that their kids will either learn personal finance themselves or at school. However, relying completely on either is not advisable. In the former, your child runs the risk of making several mistakes before understanding how to handle money, and in the latter most schools do not have a dedicated module to teach personal finance. It is better that you take the onus on yourself to teach your child. If you do not know enough about the subject, it may be a good idea to get some books and jointly learn it with your child.

The foremost is the parents themselves and they should maintain discipline in spending.As the saying,children in tender age  copy every thing from parents.It is all the more important that parents inculcate the habit of saving in the children during the formative years.

Indians are basically savings oriented and that is reflected in the savings in lic, nsc, ivp etc.  American economy is based on spending.  As our youngsters are good at aping every thing west or foreign, we find the spending habit more in the youngsters.  It is not that we as parents have not taught them the principle of saving for a rainy day, what with the public school system and the urge of the parents to give the wards the best education in prestigious institutes even if it pinches the pocket with a view to sending the wards abroad or placing in well earning jobs and so on, the youngsters are prone to become spending type.  Add to this the fact that most of us are following the norm of one or two children unlike our parents or fore fathers and resulting in some restrictions on budget management on account of the large families, we have received the no answer several times and this resulted in our effort to ensure that our wards do not feel the same way as we felt as youngsters also contributes to this