SamuelFields Consulting Group (SFCG) a Community eLearning Financial Wellness Provider, regards fathers and father figures as critical role models who can improve children’s financial literacy by helping them cultivate good money habits. Last Thursday, on their weekly digital show Likkle Byte Ideas, the SFCG team hosted a post-Father’s Day discussion about how fathers can incorporate sound financial lessons into their children’s daily lives. The episode featured young professional fathers, Jon Whyte and Gemma Hazelwood as part of the panel. They explained that fathers should not just talk with children about money, but should also model the right attitude towards money through their actions.
Jon Whyte, a financial management executive who is employed in the hospitality sector, grew up in a home where the importance of hard work and saving for a rainy day were instilled by his father. As a child, he had a piggy bank and was methodical about saving and money management. He witnessed his father manage large financial projects with the mantra “Earn what you’re worth and be worth what you earn”…
Whyte believes that in today’s environment where children are bombarded with information, fathers should have open communications about money with their children. As a father of a three year old son who has already started his own coin collection, he suggests that it is never too early to start teaching children about money. He also posits that school curricula should be broadened to introduce money management classes at the primary school level.
“Fathers have played the traditional role as the main financial provider and protector in the household. But today, many fathers recognize that they also have a responsibility to become more involved in helping to shape their children’s values about money, to prepare them to become successful adults,” Whyte added.
Gemma Hazelwood did not get rigid guidance about money management while growing up. In contrast to Whyte, he admits that he had to “figure it out along the way and learn from his mistakes.” As a result, Hazelwood who is employed in the IT sector, has evolved to be a risk taker when it comes to business and has embarked on several successful entrepreneurial pursuits to create multiple streams of income. He also emphasizes the importance of involving his sons in certain financial decisions in the household. “My sons have a good understanding of the family budget. This helps them appreciate the value of hard work, saving, investing, delayed gratification, planning for the future and how to earn passive income,” Hazelwood added.
Both Whyte and Hazelwood were asked: What is one piece of financial advice that you hope your children will learn from you?
For Jon Whyte, the emphasis placed on savings helped him to create good money habits, but also a risk averse mindset which has worked well for him as a financial manager. However, he hopes that his son with proper financial knowledge will find a balance and be more open to taking calculated risks. He believes that it is important to give children an allowance so that they can develop good skills in money management. “The goal is to let your children learn about money at a young age with small amounts, knowing that those lessons will continue to be valuable later in life, when the costs and the stakes are much higher,” Whyte said.
For Gemma Hazelwood, not only does he want his sons to work hard, but he wants them to work smart, in areas that they enjoy. He hopes that in addition to choosing a career, that his sons will develop a side hustle to maximize their earning potential, so that they feel like they have greater control over their finances. ”It’s amazing how fast children learn the difference between a wise investment and a waste of money when they’re spending their own dollars—especially when parents don’t bail them out of bad decisions,” Hazelwood added.
Megan Samuel-Fields, CEO of SFCG and a Certified Coach, said, “I agree that when fathers and children can talk about finances in a healthy way, it cultivates sound thinking and increases the chances that children will seek help and advice when financial crises arise later in life.” She added, “Open communication about finances is key, especially in these difficult economic times. If parents have to make changes to their spending or lifestyle, children will have a better appreciation of where money comes from and how it works, when times call for a change or sacrifice.”
To listen to the entire broadcast click on: https://youtu.be/jWjojTuWzlQ
For more information about SFCG or Likkle Byte Ideas visit samuelfieldsconsulting.com