Family Life Education Series
Our teenage children in the 21st Century
How big is a dollar ? - Youth's attitude towards money

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Hong Kong's economy has been subject to a test since the collapse of the stock market in 1997. People in the business world have experienced the hardship of an overall fall in their income; some suffer from job losses and those who have their jobs retained are facing tougher competition. As civil servants, our first wave of salary reduction commences on January 1, 2004 and the second one is coming in a year's time.

In order to be more money-cautious for the changes, our Kowloon West Regional Welfare Office and Kowloon West Region have kicked off a Family Life Education Programme for the region. The programme aims at teaching children on the concept of money and the skills of money/resources management. Our guest speaker, Miss Jody Li, Registered Social Worker, Hong Kong Children & Youth Services, has provided us with some of her ideas on that subject in this article.

"Mom! Let me pay for this?" said a five-year-old boy to his mother when they were having breakfast in a restaurant. When his mother handed him a twenty-dollar note, he stood on his toes to reach the counter, dropped the money and then ran off. Mother shook her head and got change from the cashier. How much should we expect our children of different ages to understand money and how can we help in this process as parents?

We all know our children's money comes from these major sources: monthly allowance from parents with or without doing household chores, and "red-packets" received during Chinese New Year from relatives and friends. How should they spend their pocket money? At what age should they be allowed to make decisions on that? How do we assess their maturity on money issues? Is saving money in a "piggy-bank" a possible solution for that?

In order to help children gain insights into money issues, parents should pay attention to the following concepts:

1) Parents as Role Models:
Most people agree that spending money brings excitement. The process meets basic need and provides a lot of fun. However, a balance between the two should be made. The difference between "what is needed", such as daily living necessities, and "what is wanted", such as a closet full of clothes and shoes, should be distinguished.

2) Assess one's ability to spend:
Are we balancing our income with our expenses? Modern life tends to spend before we earn with various credit lines. Beware of the traps!!!

3) Ability to delay gratification:
Stick with prior planning on spending and not at the spur of the moment. Appreciate what you already have, not what you want.

4) Be Responsible:
Try not to borrow from or lend to others. Keep spending under control.

5) Learn to treasure and cherish things in general.
"How big is a dollar? It is all in your hands"

- From Welfare Services Group -