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Parents Zone

How to Help Children Distinguish Between “Needs” and “Wants”? Start Financial Literacy with “Role Modeling”

Parenting Tips

January 2025

Written by: Certified Children’s Financial Literacy Instructor Miranda Lee

Children growing up during the pandemic have had limited opportunities to go to school and even less chance to go shopping. Many parents are concerned that their children may be missing out on important experiences and are troubled about how to provide “nourishment” for their children’s minds.

Recently, a friend mentioned that her 8-year-old daughter has learned to shop online by herself. Not long ago, she bought a large quantity of stationery and books from an online bookstore, using her parents’ online payment platform. During the purchasing process, the daughter initially intended to buy only two storybooks, but she was attracted by the incessant pop-up ads and promotions, inadvertently adding many extra “wanted” items to her cart.

Indeed, adults occasionally experience “wanting syndrome,” being tempted by the appearance of products and advertisements, leading to impulsive spending. For children with weaker financial literacy, it can be easy to mistakenly believe that online shopping is “zero burden” as long as their parents handle electronic payments, creating a consumption model where “if you want it, you can have it.”

How to Cultivate Correct Spending Habits?

Research shows that parents’ attitudes toward money and their financial habits directly influence their children’s financial perspectives. Therefore, “role modeling” is crucial. Parents should allow their children to observe their spending processes, experiencing how they face the temptation of “wants.” Before shopping, they should ask themselves three questions: Is it worth the money? Do I already have something similar? Am I going to use it regularly? When parents have clarity in their minds, they can naturally avoid impulsive spending.

To incorporate learning into shopping, I first allow my children to select the items they need. The payment process becomes a great opportunity to teach them about “financial literacy.” I encourage them to review their shopping cart to identify what is a “need,” considering the value and practicality of the items. I remind them that while fulfilling “wants” can satisfy desires, it’s essential to assess whether it’s a “need” that should be purchased immediately and whether they should use their own allowance to cover the cost. This approach directly requires them to take money from their wallets to pay. As a result, children become more cautious, hesitating and struggling with the decision of “to buy or not to buy,” which can be quite amusing.

Encouraging children to use physical money helps them understand that items must be purchased with money and cannot be wasted casually.

Parents’ use of money serves as a reflection for children in establishing their financial perspectives. Therefore, setting a good example is very important, making the most of everyday opportunities. The concept of “wants” is endless, while money is limited; thus, we must think carefully before consuming, distinguishing between “needs” and “wants,” and living within our means. Especially during the pandemic, teaching children to be grateful and content is the most valuable financial wisdom we can impart to them for a lifetime.

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Parents Zone

Open-ended questions help enhance children’s associative skills

Parenting Tips

January 2025

Written by: Pang Chi Wah, Registered Educational Psychologist

Many parents hope to enhance their children’s thinking skills. In fact, as long as parents properly guide their children to connect some small things in life and then ask leading questions, they can consciously think about the things they see and related knowledge. For example, when children see an apple, let them think about what kind of object is also round or red; when they hear the sound of birds, they will think about what kind of animal can fly.

 

Ask your child more questions that are not restrictive

 

When parents ask children questions, do not force them to answer or ask for a definite answer, or even ask them to answer the question right away because they may still be thinking about it. Parents do not need to ask any restrictive questions and can ask whatever comes to mind, such as what kind of objects chopsticks are like and what kind of people wear uniforms like students. In addition to making them think more, parents can also think and discuss with their children as a parent-child activity, which helps to enhance their relationship.

 

In addition to asking individual questions, parents can also allow children to answer questions with their siblings or friends. For children with higher ability, parents can let them answer more different answers; for children with average ability, they can answer fewer answers; for those with weaker ability, parents can guide them to answer through appropriate prompting and demonstration.

Parents can look for questions in their lives

 

Parents can look for questions in their lives that they can ask. They can even try to ask questions that are imaginative and open to discussion, so that their children can use their imagination and associative power. For example, parents can ask their children what things are round outdoors, what things in the house are made of iron, what foods are red, and so on. On the other hand, questions with definite and positive answers, such as math questions (1 plus 1 equals how many), are generally called “closed-ended questions” and are not very helpful in improving children’s associative skills because they only have specific answers.

In fact, creation and association should start from the smallest things, which is a good way to train children’s associative and thinking skills. Therefore, parents should start from today to enhance your child’s associative skills!

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Parents Zone

Instead of Overprotecting, It’s Better to Accompany Them Through Ups and Downs.

Parenting Tips

January 2025

Written by: Child Play Therapist, Marriage and Family Therapist, Ms. Lee Wai Zi

Recently, I saw a friend share a short video on Facebook, featuring her 5-year-old son demonstrating how to cut broccoli with a serrated knife. The edited video lasted about three and a half minutes and was filmed entirely by the mother. In the video, the boy’s cutting skills were not exactly proficient, but he wore a calm expression and explained his actions confidently.

 

As a therapist, I completely agree with the mother’s approach of allowing her child to learn and gain experience from life. After all, the harm from a serrated knife is limited; even if he does cut himself, it would likely only result in a minor injury, and children tend to recover quickly. However, as a mother myself, I couldn’t help but feel worried while watching the entire process.

When the boy successfully cut through the broccoli, I let out a sigh of relief. I greatly admired his patience and effort, but I was even more impressed by the mother’s courage.

 

Many parents often struggle between allowing their children to try new things and worrying about them facing setbacks. While many parents rationally understand that children need some autonomy to develop a sense of responsibility and confidence, the instinct to protect their children from failure or pain is powerful. These worries and anxieties lead parents to protect their children from making mistakes in various ways, such as making decisions for them, completing responsibilities they should handle themselves, or persuading them to solve problems in the parents’ way.

 

Parents’ concerns about their children’s potential failures come from a place of love, which is natural. However, the greatest gift parents can give their children is not to protect them from making mistakes or getting hurt, but to accompany them through the highs and lows, as well as the successes and failures. This kind of companionship includes respect, trust, and support for the child—respecting their right to make their own choices, trusting that they can handle the consequences of those choices, and providing unwavering support when they face difficulties and setbacks.

No one can guarantee that a child’s life will be smooth sailing, but a parent’s presence can assure their child that they are never alone. Only then can children confidently explore, learn, and develop their strengths.