Empower children to be financially independent

Every parent would love to see their children prosper in all aspects of life and it’s more important when they can independently provide for their wellbeing.

However, empowering children is not an overnight exercise. It takes time and commitment and a high degree of hard work.

Every parent has a responsibility to nature skills and characters that they would want carried into their children’s lives.
In Uganda most parents work hard for the wellbeing of their children, but few engage them in the actual work to see where the money comes from.

This makes it hard for children to carry on their parents’ businesses in the event of untimely death.
This, maybe is an indication that we need to reconsider how we empower children because they are the cornerstone of family success.

At my home, we {me and my husband), begun with distributing roles among our children and this has built in them a sense of responsibility and feeling valued. Our seven-year-old daughter loves cooking so she does all the cutting for meals.

Likewise, the four-year old twins sweep and pick all the rubbish from the compound as the three-year old boy arranges all the toys into a corner in the house.

Over time, they have been asking for more work. Therefore, I have decided to include a small pay to the extra work that they do besides their usual responsibilities.

This has been a motivating factor as many other chores are cleared with such ease and effortlessly.
For every extra job, I pay Shs1,000 per day on condition that they save it and from the look of things it is working wonders.

As a family, we have a monthly meeting. Sometimes we put spice to the meeting by conducting it away from home.
The meeting reviews our activities but mostly focuses on how much everyone has saved and how they plan to use it.
To encourage them, I acknowledge their input and reward them.

To me, this has been a wonderful experience as I am able to hear their honest opinions and solutions to certain challenges.

Amazingly, this has given me an opportunity to help them develop their skills as they grow old.
Recently, there was an article about rich kids of Uganda.

The article indicated that the featured children, many of whom are in their 20s, have had a solid financial foundation. My belief is, their parents had to assist them in one way or another to understand certain values, which most parents never give to their children.

The informal involvement that parents give to children will grow into their life and will be a valuable addition throughout their lives.

Holidays have been short but what have your children done for you to deserve a nice pair of shoes or grab (eatables) and extra pocket?
Even if you have a house help, do not let your 10-year old child play, watch TV or fold their arms as the maid does all the housework.

Nothing comes easy
You don’t have to break you back because you are doing chores. Ask your children to help where they can instead of living them to sleep the whole day.

If you fail to realise that they need to work, you might realise when it is too late. Children must realise at an early stage in their lives that nothing comes easy.

Everything must be worked for should be the principle that governs your home. Getting children to do chores isn’t easy but persuade them because it will have long term benefits not only for you but also the children.

You need to teach your children to be accountable and show them that saving a part of whatever they get is invaluable. This will give them a fill of responsibility and will always maintain wise spending as a principle of their lives.
The writer is a certified financial literacy trainer

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