Whether we realise it or not, the financial lessons and behaviour we are exposed to in our childhood later shape our relationship with money as adults.

If you believe that money doesn’t grow on trees or you simply view it as an enabler and a means to an end, the root of that belief most likely stems from years back.

When it comes to money, the information we share with our children and the behaviour that we model to them has a long-term effect.

As such, it is important to teach good money habits and cultivate a savings culture.

For 10-year-old Bokao Monare, the journey to good money habits and financial wellness started three years ago.

Noticing his mother Boitumelo's financial behaviour and lessons, Bokao was able to start his journey of saving by opening his first bank account.

“I save because it allows me to buy better things,” he said.

Since he first started saving, the Nova Pioneer pupil has managed to use his money to purchase things which are important to him.

Apart from spoiling himself to some treats, Bokao has also used his savings to purchase school necessities as well as funding his gaming hobby.

“I once saved R1,000 but my mom spent it on school things. I also saved over R300 and I spent it on gaming. I bought Wii bucks [in-game currency] so I could buy characters in a game,” he said.

While he admits that he definitely does not enjoy saving, the financially disciplined pupil continues to do it as he has seen what his money can do for him. 

With the first month of 2022 done and dusted, Bokao continues to save and is steadfast in the financial goals he has set for the year.

“I want to buy a hoverboard and a PC... for now.”

Monare, who is a private banker and founder of the Thriving Parenting blog, believes there was no better time for her son to start learning the value of money.  

“He would keep asking, 'Mommy, can I have this?' and I saw that as a lovely opportunity to make him understand the value of money. I was trying to empower him and make the good money habits start now already. It’s not big amounts but let’s start now,” she said.

Through depositing a monthly allowance into her son’s account and encouraging consistent saving, Monare has sparked her son’s desire for further financial knowledge.

“He said to me the other day, 'Mom, you said we’re going to start trading stocks in 2022, it’s now 2022 so why aren’t we doing this?' It’s actually all in having those conversations and being patient enough to walk your child through the journey.”

According to financial coach Phelisa Rabedzwa, the importance of adopting healthy money habits at a young age cannot be overemphasised.

She encourages parents to take on this duty with intentionality and patience. 

“You as the parent are the primary educator of your child. Not only do they learn from what you say, but they learn from what you don’t say about money. They learn your habits. They observe how you spend and use money, and how sensitive you are around it.”

Additionally, she suggests the removal of the veil of secrecy when it comes to money as this will allow for financial education, empowerment and prosperity.

“Money is a means of exchange and that’s all it should be. It’s not something that should be a secret or kept hidden. You’ll be surprised about how much they [children] actually understand about money, but they need it to come from you as the parent so they can have a better understanding of what it is.”