29 Nov 2019
A study shows that we are genetically predisposed to spend or to save. We inherit ‘money’ genes that determine our spending/saving habits. Only 25% of us are born with a gene that tells us to stop buying things we don’t need. - Gulf news
Society unfortunately, strengthens this spending habit by having discount shopping vouchers, reduced sales and telling us what we need to buy to feel good about ourselves or to fit in.
Luckily, although we can’t get rid of this inherited behaviour, we can be trained by good parenting, that will teach us to form savings habits from a young age. Children follow by example, so if you as a parent are very free with your purse strings, then your children will adopt the same habit. This is not a legacy that we want to leave our children.
To encourage them to develop a “save first and then spend” attitude, is a way to ensure that they see the importance of saving, not only for those special buys, but also for long term goals such as retirement and deposits for home loans.
Tips to cultivate good saving habits with your children.
Chat to your deVere adviser about setting up a savings plan for your children so they can have a boost in life, whether it is for education or to buy a house or start a small business. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.