Financial education for the youth

Sachin Chandna

Head of Liv. Digital Bank
26 December 2021

3 mins read

According to a financial education study by the Organisation for Economic Co-operation and Development (OECD)*, at least 50% of students on average are ready to save for something that they want to buy but can’t afford yet. 49% of students save each week or month, 20% save only when they have money to spare, and 22% save only when they want to buy something.

These statistics are clear indicators that while youngsters have a general overview of what they would like to do with their money, we must empower them to build healthy money habits. Here are a few tips on how we can arm the next generation with information that helps them navigate their life better.

Start when they’re little

How many of us are guilty of not educating our kids about money and its importance? I’m sure we’ve all brushed it off saying they’re kids, and they can learn all this later. However, seeing that many schools don’t have a separate curriculum for personal finance education, kids learn these skills much later than when they need to and by then it’s too late.

Give them their financial freedom

You don’t have to go all out and give your kids a long lecture about how to manage their money effectively. Kids learn better when the teaching is practical so start by giving them an allowance. Of course, the first-time kids get money, they’re gonna want to spend it on their favourite things - let them! Eventually, once they’ve run out of all their money, they’ll come to you and ask you for tips on how to ensure they can retain it till the end of the month. It’s the perfect opportunity for you to understand their spending habits early on and shape the way they should be using their money for their benefit.

Introduce the concept of earning

This one’s self-explanatory. Reward your kids for doing chores around the house while you sit with your feet up 😉 It’s a win-win situation where they’re happy to get extra money for spending and you get your much-needed break. As an added bonus, they’ll learn to be independent, which means more free time for you!

Liv. Young and break free

With a rapid digitalization of the financial industry, the younger generation has become the key demographic that will grow up to see the full-blown effects of a fintech revolution. Today’s kids are tomorrow’s future, and so it is becoming increasingly important that we encourage the youth to immerse themselves in the world of digital banking and learn good financial decision-making skills early on.

We’re taking a small step in creating an avenue for kids to spend and track their spending effectively. Introducing Liv. Young - our new digital banking service for kids aged 8-17. Once parents open a Liv. Young account for their kids through their own Liv. app, they can transfer their kids’ monthly allowances to them, assign chores and reward them accordingly and have a complete overview of their kids’ financial habits. With their own debit card, they can get different offers with participating merchants and most importantly, financial independence.

“It’s never too early to start teaching your children about money. In fact, one big mistake parents make is starting too late” - Warren Buffett.


All information and material available or presented on or through this website (“Content”) are for informational purposes only and do not constitute accounting, financial, legal or tax advice and is not a substitute for obtaining professional independent advice for these matters. 

Emirates NBD Bank P.J.S.C expressly disclaims any implied warranties, including without limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose. Although the Content provided to you on this website is obtained or compiled from sources we believe to be reliable, Emirates NBD Bank P.J.S.C. cannot and does not guarantee the accuracy, validity, timeliness, or completeness of any information or data made available to you for any particular purpose. 

The Content may, from time to time, include (without limitation) views or opinions of third parties from various sources, including, guest bloggers. The opinions expressed in the Content are the authors own and do not reflect the views of Emirates NBD Bank P.J.S.C. Emirates NBD Bank P.J.S.C. (ENBD) shall not be construed as endorsing or recommending any Content posted on this website, or as verifying any information contained on this website. 

Neither Emirates NBD Bank P.J.S.C. nor any of its affiliates, directors, officers or employees, nor any third party providers of content, software and/or technology (collectively, the “ENBD Parties”), will be liable to you or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of the website, or from any other cause relating to your access to, inability to access, or the Content contained therein. In no event will Emirates NBD Bank P.J.S.C. or any of the ENBD Parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind.


How helpful was this?