Eidiya .. How do we teach our children saving and financial management?

Ammon – The Arab and Islamic world celebrates the advent of Eid Al-Fitr in difficult economic conditions, highlighting the need to take advantage of the social ritual known among families and families as “Eidiya” on this occasion to teach young children about saving, the importance of financial management from childhood, and the aspects of spending it on what is useful.

The feast is presented – in most cases – as a sum of money for children on the day of the feast, and sometimes it is presented in the form of children’s toys, and it is considered an occasion to express feelings of love and communication between families and each other, and to bring joy and happiness to the hearts of children.

For children, Eid is a golden opportunity to collect Eidiya and brag to each other about what they have collected and what they will buy for themselves. It is also a golden opportunity for parents to teach their children the value of money and how to manage it, prioritizing, and the importance and methods of saving.

Sayed Khader, an Egyptian economist, says that Eid al-Fitr comes this year in light of the impact of economic conditions on many families, which prompts everyone to try to achieve a balance between inputs and expenses, and then teach children how to save in difficult times.

He points out that “saving under these circumstances is somewhat difficult, given that the per capita income barely covers the cost of living, or even the cost of purchasing basic necessities.”

The economist adds, “But parents must talk to their children about how the money comes, and focus on managing their money as a life skill, and always remember that in the event of receiving any amount of money, part of it must be saved.”

He explains that “saving is an important idea of ​​the principles of the economy, and the child will benefit greatly in the future, and it will benefit him in managing his financial affairs from a young age.”

At the same time, the economist asserts that “the Eidiya is considered one of the sources of income for the child, so the head of the family must teach the child how to save it in several ways, such as the ancient Egyptian custom, for example.”

He added, “The piggy bank (a closed box or box to place savings through a special outlet) is a good idea to teach children to manage their financial affairs from a young age, and not to spend extravagantly and extravagantly, but within reasonable and available limits.”

the piggy bank

In addition, Jamal Abu Shanab, a professor of sociology at Helwan University, says, “Eidiya is linked to the customs and traditions of all Muslims on holidays, and it is an idea that appeals positively to young children, who begin to understand the concept of Eid when entering school.”

He added, “The appropriate age for giving the Eidiya is six years old, but the child automatically spends the Eidiya money on sweets, food, toys, and other products that give him happiness and pleasure.”

And the professor of sociology continues his speech, stressing that:

The need for parents to talk to their child about the importance of the “Eidiya” and to use it positively.

Teach him to save through the “piggy bank” as a start to his understanding of the importance of saving and building on the small amount of Eidiya in order to save more money.

The need to teach the child to be economical in spending the money of the “piggy bank” and to buy only what he needs.

Egyptian families teach their children to open the piggy bank at a certain time.

Directing the child to buy valuable things that are not of a high price by using his savings.

With the passage of time, it becomes a habit that is entrenched in the mind of the child by repetition.

This habit teaches him later, when he grows up, how to behave and manage his money in a positive way, and to buy him only what he needs, which is what is called “managing savings.”

With the young man getting married and that habit entrenched in his mind, he will be able to manage his money and buy the needs of the family and children economically without extravagance or extravagance.

Saving becomes a positive habit.. The goal is not to manage the “Eidiyya”, but to spend it positively.

The family as an institution

In managing financial resources, the family is almost like a mini-institution, which aims to achieve a balance between its needs and resources in terms of expenses and income, which is transmitted, positively or negatively, to children’s awareness.

In this context; Institutional development consultant, Haitham Al-Bishlawy, says: “The financial management of the family is reflected in the absorption of the child, whether in daily routine expenses, or during occasions and holidays.”

He adds:

The culture of saving and investment is relatively absent from the mind of managing the financial resources of the Egyptian and Arab families.

To activate this culture, the child’s mind must be programmed to be responsible for his expenses according to his income granted by the family, motivate the head of the family for this attitude and behavior, and teach him saving through experience to fulfill his requirements.

After that, it is possible to move to the concept of stimulus investment by encouraging the child to start investing in a limited activity at the family level.

The appropriate age to start teaching children to save is the age of awareness and the introduction of a culture of managing resources gradually until they reach the age of assuming sole responsibility.

Children can be taught “general principles of economics” through the idea of ​​saving and financial management through community participation in activities that have a moral return as a motive for saving rather than a factor.
The abstract materialist so that the child’s physical egoism cannot.

It is preferable that the educational system also adopt awareness towards forming a culture of saving and investment among children.

The family should intervene indirectly to direct the priorities of spending the “Eidiah” gradually from childhood without imposing guardianship and letting him bear the responsibility for spending choices until he reaches his level.
Equilibrium in managing its financial resources.

In conclusion, promoting a culture of investment in future generations will necessarily reflect on the human capital of countries, its ability to economic competitiveness, and its readiness to adapt to economic changes and crises.

Sky News Arabia

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