Grown-up info for your Kids
Grown-up info for your Kids What happens for the rest of their lives, when they have to manage money on their own? That’s the more important legacy you can give them. When it comes to children and personal finance, there are two distinct issues that parents face, or should face. The obvious one, which is to save for children’s future needs. Until a couple of decades ago, this wasn’t really a top-of-mind issue with Indian parents, as publicly-funded, reasonably-priced education did the job, more or less. Now, most parents with growing children are acutely aware of how expensive education is, and try to save enough to finance it. Still, this is only one children-related money issue. There’s another one, which most parents are not aware of, but is actually more important which I’ll come to in a moment. The biggest problem in actually saving for children’s future is products that are marketed specifically for this purpose. Of course, this is not specific to personal finance. It’s a c...