Your Child’s Money Personality
Have you ever wondered what is the correct age to sit down with your kid and have the ”money” talk? Good Good Piggy does exactly that for you. Back in 2013 research from behavior experts David Whitebread and Sue Bingham of the University of Cambridge found that our approach to money, such as planning ahead and delaying gratification, is set by age seven. Basically, a child’s money personality is set by the age of 7.
How Does it Function?
From the age of toddlers to pre-teens, a child is like a copy machine. They want to be just like their responsible parents doing grown-up activities. Have you ever noticed how your kid always knows where your purse or wallet is? One of the many things your kid copies is how you handle your money or more importantly how you talk about it. You might avoid talking about it in front of them, in which case they are definitely listening (the more you don’t want them to know about something, the more they want to know about that particular thing), or you talk about it in front of them like a daily conversation. Of course, no parent wants their child to think that they lack resources to buy anything desirable and it is acceptable that you don’t want them to go through the difficult situations you went through. But experience is the best teacher.
Let’s say you’re not much bothered about spending Rs. 150 to buy their desired item that they don’t really have the need for, but that 150 goes on to 500, then to 5000. Now the idea is not to make them think that Rs. 150 is a huge deal, or desiring expensive things is wrong. It is simply to make them value those Rs. 150 or Rs. 2000 notes.
This is what the Good Good Piggy teaches. It rewards your kid on set-out activities in terms of coins. They will get those rewards for the work that they have put their efforts and time into. Good Good Piggy also offers a wide range of useful products that the child can use their rewards to buy. Now since they’re buying that product with something they earned through efforts, thus they will value it.
Now to answer the question on how to have the “money talk “ with your kid. Making them understand the struggles of the daily life of a grown-up is hard. No parent would want them to have that kind of burden on their head from such a young age. When these set out activities by Good Good Piggy to earn rewards integrates into your child’s life, having young and curious minds would obviously make them ask questions, now it’s won’t be so hard for you to slip in a life lesson or two in between, will it?