Even the smartest children have difficulties when it comes to money management. Moreover, studies have shown for many parents commenting money matters in front of children is either not appropriate or too complicated. According to Marilyn L. Pinto, a Dubai resident of Indian-Portuguese descent, and a young mother of two, an early financial education is much needed in the UAE.
She established “The Kids Finance Initiative” to introduce local children to the basic concepts of finances and improve their perception about money. The classes take place on the weekends in several schools in Dubai. They are open to all children no matter whether they attend the same school.
There are two programs – one is for children between 8 and 11 years of age; the other one is for teenagers between 12 and 15 years of age. Each program covers the fundamentals of savings, spending, investing, in a way close to students’ lives.
It is not a typical class atmosphere. Kids are trained in money management through interactive lessons, and even role plays. They discuss credit history, mortgage loans, the importance of a steady income, the pros and cons of being self-employed, how to stay debt-free, etc. As a result, children learn how to budget, how to make wise spending decisions, and become financially-responsible young adults.