Money matters to kids, too!

Children aren’t too young to know the importance of saving money and spending wisely. But how do we make learning about money fun and engaging for our kids?

When my 13-year-old son Karl was still a toddler, he didn’t appreciate cash gifts for Christmas or his birthdays. He would open the envelope, stare at the bills, and then hand it back to the giver. All he wanted to receive that time was a box of Oreo cookies and Spy Gear for kids. Times have changed. Now, with all the gadgets available on the market, he prefers cash or gift certificates so he can buy the things that he wants, not what he needs. And that just sends me into panic mode!

Citibank, the country’s leading foreign bank, believes that financial education is a very important topic to discuss with our children.

“We don’t think that you have to reach a certain age to better learn the difference between saving and spending,” says Aneth Lim, country corporate affairs director, Citibank Philippines. “I consider myself blessed because I grew up in a Filipino/Chinese household. So if you are familiar with the ang pao, I’ve been a recipient of that since I was still in the cradle. That also means that at a very young age, my parents have been driving conversations with their kids about money.”

Most of the time, children’s exposure to money has to do with receiving it as a cash gift. And the first thing that enters their mind is “How do I go about spending it?”

“I think it’s a crucial first conversation you can have with your kids. I have two children and I know they’re talking about money already. They received cash gifts last Christmas and that’s basically what they asked me. I told them they didn’t have to spend all their money in one go. And that they can actually save part of it,” Lim explains.

Money Talk

Early financial education for kids is what inspired Citibank and Museo Pambata to design and produce “Money Matters for Kids,” a fun and interactive exhibit, which ran for two weeks at the Multi-purpose Hall of Museo Pambata on Roxas Blvd., Manila.

“Thanks to a grant from the Citi Foundation. Launched in October 2009, the show has toured Metro Manila as well as neighboring Tagaytay. More than 90,000 kids have seen it, along with their parents and teachers,” relates Lim.

“Money Matters for Kids” featured hands-on tools that encourage play and study while exploring various money-related themes — from earning to spending it.

The “bankers” are in: Museo Pambata president/CEO Nina Yuson and Citibank Philippines country affairs director Aneth Lim

Learn how money came to be and how it evolved at the “An Age-Old Issue of Trust” section. “Face Value” introduces kids to the “faces” of the Philippine peso. There’s also a child-friendly wooden ATM machine, as well as cash registers and a mock grocery store where kids can shop for food and some toys.

“Money as a concept is difficult to grasp, unless you’ve experienced holding it, spending it, getting something in return, and using it all up. At the exhibit’s Grocery Section, parents can start a discussion with their kids on ‘needs and wants.’ Kids who ‘shop’ here actually buy what they want (cell phone, electronic games, and gadgets) instead of what they need (food and clothes),” explains Museo Pambata president/CEO Nina Yuson.

Right beside the mini grocery is a “bank” where kids are taught how to fill up bank deposit and withdrawal forms. The manager is on hand to assist their young clients.

Known as a place of hands-on discovery that encourages kids to be more inquisitive and eager to learn, Museo Pambata provides the perfect venue for this endeavor.

“This exhibit is also made possible by the Philippine Business for Social Progress and United Way, our partners in promoting financial literacy. The show gave us the opportunity to reach out to a new and young audience,” Lim adds.

Saving, Spending, Sharing Money

Visitors who participated in the games won copies of Money Matters for Kids Workbook, a useful reference on learning the different values of money, particularly the Philippine peso. There were also fun activities about everyday concepts such as earning, saving, spending, and sharing money wisely.

“This companion book is actually a textbook/workbook that’s a useful reference material for teachers and kids. It’s very handy. It’s published by Citibank. We’ve worked with Museo Pambata president Nina Yuson, who helped us put this book together. There’s also an insert that shows the Next Generation currency courtesy of Bangko Sentral ng Pilipinas,” enthuses Lim.

He’s the man: The “Money Matters for Kids” exhibit makes learning about money fun and engaging for our kids.

Citibank and Museo Pambata hosted seminars for public school teachers to walk them through the book and teach them how to make the most out of this reference material when they discuss money matters to their students.

“We’re now trying to get ‘Money Matters for Kids’ a permanent home. Well, not because the exhibit is too great, but because the conversation is too important. Basic money management is a key priority for families,” notes Lim.

Financial education is a top priority for Citi. Although Citi doesn’t offer a children’s savings account, that won’t stop them from supporting this advocacy.

“If you look at our financial education program, they run across ages, across lifestyles, across income segments.  We don’t just talk to our clients on what they should do with their money, we drive that conversation with as many audiences as possible because we believe that financial independence is the best thing to have especially in these trying times. I think we all understand how important this conversation is,” adds Lim.