Inculcating good money habits in children is often a concern with parents. And, rightly so. “The earlier kids know about money basics, the better it is,” says B. Srinivasan, a Bangalore-based financial planner.
The good news is that you now have an aid to help you teach your children money basics. Pratham Books, a not-for-profit organization, launched a new four-book Rupaiya Paisa Series about a month ago that deal with various topics on financial literacy. The books have been written by Mala Kumar and illustrated by Deepa Balsavar.
“I think it is a very good idea. I know youngsters who think money comes out of an ATM (automated teller machine). Children need to be introduced to and sensitized about banking transactions, interest rates and other such things,” says Srinivasan.
The books talk about the history of money, savings, investment, remittance, insurance, difference between needs and wants, among other topics related to financial literacy. To make the otherwise boring topic interesting, the concepts have been explained through small anecdotes accompanied with colourful illustrations to stimulate children.
The first book in the series, The World of Money, talks about the history of money and uses various anecdotes on how money evolved. The book also talks about how to earn, save and grow money. Day-to-day examples have been used to help children connect easily. “We have used colourful pictures and rooted them to their lives by using examples of family, neighbours or vendors that they may encounter every day,” says Chaudhry.
The other books in the series—How Money Travels, The Money Managers and Be Wise with Money—delve deep into other concepts such as bank savings account, methods to save, meaning and importance of insurance, money management. At the end, the last book summarizes the series with a small demonstration on business transaction.