Financial Literacy for Primary Students

Someone asked for my views on the content of a financial literacy talk to primary students. After discussion, we agreed to cover the following:

* to spend what is needed from the parent's allowance, and set aside savings
* to put the savings in a bank to earn interest
* to pay for what they like from their savings, rather than depend on their parents
* to learn about what the parent has to do, to earn the money to support the family

My friend told me this story. His elder son, who is five years old, wanted to buy an expensive toy. He said, "Patrick, daddy can buy you this toy, but he has to stay back at the office until late at night to earn the money to pay for this toy. Do you wish daddy to come home earlier, or stay back at the office until late at night?" Patrick decided that he did not want the toy.

What are your views on the financial literacy matters that should be taught to primary students?

Tan Kin Lian