THE well-known Greek Philosopher Aristotle once said that, ‘Money is a guarantee that we may have what we want in the future. Though we need nothing at the moment it insures the possibility of satisfying a new desire when it arises’.
It is always tempting to spend the money that you have in your possession right away.
As humans, it is only normal for us to always want to try or acquire what’s new and good, to have more life experiences and to just have that shiny new toy or pair of shoes right now. The mindset that ‘If I have the money to get it, why shouldn’t I’ may be more harmful than you know if it’s what you grow up believing in. As such, it is important to instill in individuals the habit of saving money and spending wisely from a young age and to provide the necessary information so that they understand as well as see the long-term benefits of saving.
Need to instill savings culture in young, In previous articles, the Senior Manager of Monetary Management at Autoriti Monetari Brunei Darussalam (AMBD) Nurhuaida Fakhriah Damit said that most of the activities held to mark National Savings Day this year were targeted towards younger children due to the need for them to be financially literate at an early age as they want to instill a savings culture in the young.
In order for young individuals to understand the importance and the methods of saving money, it is necessary for all the relevant figures such as parents, older siblings, relatives or even teachers to impart the knowledge, to guide them and to remind them over time.
“It is important to start educating them from young so that when they grow up, they will develop the habit of saving money instead of simply spending it.
It is also how they will learn to appreciate what they have and to treasure as well as take care of what they do have,” said a teacher from Panaga Primary School, Betsy Chong.