Parenting is hard, even when we know what to do. So, it is no wonder we find teaching our teenagers about money extremely challenging.
Most of us haven’t had the luxury of being financially educated ourselves. Add to that our shortage of time and patience, and you have the makings of an explosive mixture.
So, while I recommend outsourcing the nuts and bolts of financial education to trusted professionals, there are some key money attitudes that parents can instil in their teenagers.
These money attitudes are ways to teach teenagers about money, without explicitly talking about it. No arduous talks about budgeting. No lengthy discourses on spending wisely.
These money attitudes sow the seeds of financial success by encouraging and training behaviours that are aligned with the future. They subtly hardwire these behaviours so that they are deeply engrained and become second nature to our teenagers.
As with every other aspect of parenting, it is never easy and we will not always nail it. But, we need to keep at it consistently for any good to come of it.
Train them to think long-term
Make teenagers envision their future. This helps them to gain clarity on different areas of their lives and what they most value.
Convincing teenagers to focus on the long term helps them to make the right decisions in the short term. It puts their effort in perspective.
It also offers them a powerful “why”, which will sustain them during the hard, and often painful, sacrifices they need to make to achieve that long-term vision.
Thinking long-term isn’t easy, especially considering society’s penchant for instant gratification. Advertising messages and peer pressure will pull teenagers in the opposite direction — quick, short-term gains.
It is crucial that we explain to teenagers that many meaningful outcomes in their lives will take far longer to achieve than they might expect. They need to be ready to play the long game if they want to win.
This is arguably the most important mindset for teenagers to cultivate because much of their future financial success will boil down to how well they are able to master this attitude of long-term thinking.
Make them understand that the best investment is in themselves
Teenagers are keenly interested in investing. They see that as a gateway to riches. While that might be true, there are many caveats.
Teenagers have no knowledge about these caveats because what they see and hear is noise and fluff that obscure the reality of most investing journeys.
It is important to help them understand that they first need to invest in themselves — in their knowledge, reading, courses, physical and mental health and developing self-awareness.
This investment will pay rich dividends in many aspects of their lives, not only financially.
It helps build character and skills that will enable them to avail more opportunities. It lays the groundwork for a successful future so that teenagers are prepared when their lucky break comes.
It also serves to boost confidence in their abilities and self-esteem. It offers them agency over their own learning and trains them to be life-long learners.
Inculcate gratitude and generosity in teens
Gratitude is a powerful driver of success. Research shows that the benefits of practising gratitude include overall happiness, stronger relationships, higher self-esteem and a better outlook on school and life.
Research proves that gratitude is linked to financial well-being. Psychologist Nathaniel Lambert’s work found that stronger feelings of gratitude are associated with lower materialism. There is less desire to buy stuff when we are grateful and happy with our lives.
Gratitude also helps teenagers avoid impulsive financial choices. That directly correlates with improved financial well-being.
Artfully incorporating gratitude into a conversation with teenagers takes a bit of creativity, but the effects of any gratitude-building activity are fascinating, especially when they see for themselves how powerful it can be.
A team of researchers led by mathematics professor Kimmo Eriksson combed through data from the US, the UK and 23 European countries and found that in addition to healthier bodies, minds and relationships, generous people make more money than selfish ones.
So, while the mechanics of teaching teenagers how to make smarter money decisions is best left to experts, there are a few key money attitudes that parents can foster in them.
These money attitudes are valuable in their own right, but the real magic happens when these attitudes work together. The effect is compounded and has a remarkable impact on teenagers’ financial well-being.
Marilyn Pinto is the founder of KFI Global
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
What to watch out for:
Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways
The hulls of three ships will be used for the roof
The hulls will painted to make the largest Italian tricolour in the country’s history
Several pillars more than 20 metres high will support the structure
Roughly 15 tonnes of steel will be used
Killing of Qassem Suleimani
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
The past Palme d'Or winners
2018 Shoplifters, Hirokazu Kore-eda
2017 The Square, Ruben Ostlund
2016 I, Daniel Blake, Ken Loach
2015 Dheepan, Jacques Audiard
2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012 Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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Name: Akeed
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Launch year: 2018
Number of employees: 40
Sector: Online food delivery
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Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
UAE currency: the story behind the money in your pockets