Teach your children about money matters while still young, parents urged

Nairobi, Monday 26th March 2018……Parents across the country have been urged to start creating awareness about how to use money wisely to their children while they are still young so that they can grow up as responsible citizens.

Speaking during the commemoration of this year’s Global Money Week at Starehe Boys’ Centre, Liberty Life & Heritage Insurance General Manager for Risk & Compliance, Mr. Musili Kivuitu noted that majority of young people nowadays do not know where to draw the line between needs and wants thereby putting them at the danger of living in debts to sustain their lifestyles.

“It is never too early, or too late for young people to gain the financial skills they will need to shape their lives and enhance their future wellbeing. The scenario we are witnessing today is that our young did not get an opportunity to learn about money matters and that why we see them squandering their money without plans for a rainy day. The end result is we are bringing up young people in society who are unable to pass through vital financial lessons to upcoming generations thus compromising on government efforts to have its citizens lead decent debt-free lives,” Mr Musili said.

Mr Musili added that children and the youth are the next generations of changemakers and through such initiatives, we can ensure we are doing our very best to empower them to develop the right skills they need to make smart financial decisions throughout their life. While institutions like Liberty Life and Heritage Insurance might play their roles of creating awareness through their respective corporate social investment initiatives, it needs the efforts of all stakeholders like parents and the society at large to inculcate the savings culture within the education system in order for young people to benefit fully such goodwill.

The initiative is part of Global Money Week, an annual worldwide campaign to raise awareness of the importance of financial education and inclusion for children and youth. 137 countries will be taking part in the week-long event.

Global Money Week was launched eight years ago by Queen Máxima of the Netherlands. Since then, it has grown into a worldwide initiative with more than 130 countries and more than 7 million children participating every year and it aims at promoting the importance of financial rights, especially for children and youth.