Go with your kids on a virtual world tour with the "World in Your Wallet"

New Delhi [India] December 3 (ANI/Mediawire): The financial challenges people are now facing may have an unintended effect on their children -- it may help kids develop a money mindset very early.
As several research & studies proved that children of the depression emerged as frugal spenders, those experiencing the coronavirus pandemic may also learn important financial lessons.
HSBC Premier in collaboration with The Times of India took kids on a virtual world tour to teach money management to kids. The two series webinar titled 'The World in Your Wallet' aimed to educate kids between the ages of 8 and 13 years about money management through travel. The webinar featured celebrity guest Tara Sharma Saluja and financial coach Akruti Agarwal Iyer.
Jaswinder Sodhi, Head of Customer Propositions & Marketing - Wealth & Personal Banking India at HSBC started the webinar. "This is an interesting way to teach our next generation about the importance of savings and goal planning. We at HSBC Premier have a similar proposition of putting the whole world in your wallet by assisting customers at every step, whether it is family wealth, higher education, international travel, global investments, and the best-curated lifestyle experiences," said Jaswinder Sodhi.
The value of money
The first webinar was conducted in October and had many kids and parents enthusiastically participate in fun activities and win prizes. Tara thought that talking about financial health is just as important as discussing physical and emotional health.
She also said that money should not be a dreaded topic and further added, "Teaching kids the value of saving money is very important. Holidays get the kids excited as everyone starts planning and budgeting. Last year when we were in London, we gave the kids a little budget as a fun exercise and asked them to plan the next three days. And it was quite interesting what they chose to do and what they didn't. We ended up cooking at the Airbnb more than we would have because they wanted to save the money to go to Legoland."
She further explained that it is the parents' responsibility to strike a balance between what the kids need and want. She suggested that kids should understand the value of things based on their family situations and priorities.
Akruti further added the importance of budgeting, prioritising, and borrowing, "Kids should understand that there are limitations to money itself and it can happen to the best of us. So, while budgeting, you must prioritise between the things that you want and things that you need and things that are not necessary."
She further explained that when we borrow money, we have to return it, be it to banks or parents. She explained the difference between debit, credit, and currency cards. She advised parents to initiate conversations about financial literacy in younger kids by discussing the needs, wants, and value behind things. And for older kids, topics such as savings, goal setting, and planning are critical life skills.
The second webinar scheduled post-Diwali highlighted the importance of being inspired by different cultures, ethnicities, and embracing diversity. Through fun activities, Akruti explained that today's kids and parents are varied and so are their financial needs.
"It is not only about having an account to keep their money in. It is the constant continuous support and guidance for various financial needs. And this is where HSBC Premier's Next-Gen helps kids get familiarised with banking and how to deal with money," she said.
Being inspired
Tara and Akruti also spoke about how 'travel' inspired entrepreneurs Pooja Dhingra and Bhavish Aggarwal to start new ventures. The discussion slowly moved towards planning and saving up for kids' higher education.
Akruti advised parents, "Higher education can be intimidating and expensive. It is good to start putting aside money every month for future goals starting today. HSBC guides parents to invest in different currencies be it - dollars or in any other currency to avoid losing money at the time of conversion from INR to that desired currency."
Tara concluded by explaining the effect of planning to study abroad early for kids, "When we start planning early, kids too are motivated to work hard to make their dreams come true. It is important to encourage them by helping them plan better and start saving with the right partners."
Jaswinder summed up the webinar by urging parents to start financial planning early. "From higher education to overseas travel, HSBC has partners in 65 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America. We also help parents and students from pre-admission through the travel stage and will be more than happy to provide you with the assistance you require," he concluded.
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Disclaimer: Views expressed in this article are solely of the participants in their individual capacity and not of HSBC
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