Family Life Education Series
"Money Matters" for teenagers

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Our last episode on this topic - "How Big is a Dollar ?" - has stimulated much reverberation among our colleagues. Additional episode on similar topic has been suggested, so we have invited Dr Wong Chung-kwong, Chairman, Board of Advisors of Whole Person Development Institute to give his views of "money matters" for teenagers.

Children from happy families usually are not keen about money because they are well provided for in their physical and emotional needs. My three children are all grown up. I remember in their junior secondary years how I had to insist that they brought "enough" money with them when they went out on their own. They said, "Daddy, I don't need so much money!" They only considered the "exact" amount they needed for their intended purposes: bus fares, a meal and perhaps one or two soft drinks. I needed to insist that they should bring more "just in case".

Teenagers have to learn several important money matters. First, they need to learn "saving versus using". A common parental concern is that their children may become extravagant. They therefore emphasise "saving" such as "saving is a virtue"! Along the same line of thinking, they may give children the misconception that in general using money is not quite desirable. Money not used is often money no use. Children should learn how to deal with money wisely. They must learn to make confident decisions in using money just as they must also learn how to save money so that they can use it later on.

Teenagers should learn how to value money properly. In a performance-driven world, many children and teenagers learn to equate money with their self-value and with life-values. To them, more money means higher self-value, and gaining more money becomes a primary target of life. In brief, many such teenagers have grown up to become "money-driven" adults. In contrast, teenagers should learn that self-value should not be measured by money and that life should be guided and driven by higher values. They are to learn that money is a means to achieve noble goals in life.

In so doing, teenagers learn that money is "giving and taking" rather than "taking" alone. Many people think of money as something one earns in order to have more things in life. It is important for teenagers to appreciate that money is also something one "gives" so that others may be blessed. It is so true that money can't buy happiness, but money generously and lovingly given away does bring happiness.

Many parents worry that their children may become greedy persons. Indeed teenagers should appreciate the values and power of money. They must learn how to control their desire. The best approach to teach teenagers is giving good examples by parents. Parents who have good relationship with their children and who know how to earn, use, save and give money properly usually bring up children who will not find any problems with money matters.

The best practical approach for teenagers to acquire money skills is to give them the actual chance to handle money. They are given money and guided in making plans and budgets. They are given the responsibility and freedom to think and act. It is also a good idea for them to learn from a very special kind of "first job", i.e. to earn money from their parents by doing certain tasks or chores. Many people may think this is tantamount to "working in exchange for parental love". What parents need to do is to make clear that parental love is not for sale! This "first job" is an exercise conducted in love for teenagers to learn how to be responsible for money, i.e. including earning, using, saving and giving.

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Lastly, we would like to remind OffBeat readers that Kowloon West Region and Kowloon West Regional Welfare Office will jointly organise a Family Life Education Programme activity on this topic on February 8. Further details can be obtained at 2150-7981.

- From Welfare Services Group -