Raising kids to be money smart

Mr Melvin Leong, 40, principal Consultant at IHSMarkit, with his wife Sinyee Yap, 35, a programme manager, and their children Olivia, six, and Quentin, three. The parents hope their children will learn to cherish what they have, show gratitude and no
Mr Melvin Leong, 40, principal Consultant at IHSMarkit, with his wife Sinyee Yap, 35, a programme manager, and their children Olivia, six, and Quentin, three. The parents hope their children will learn to cherish what they have, show gratitude and not be wasteful.ST PHOTO: JASMINE CHOONG

The Chinese New Year provides a good opportunity to teach kids with hongbao to grow their cash

The start of Chinese new year is not only a good time to spring clean our investment portfolios but also a golden opportunity to educate the children on good money habits.

As Chinese New Year typically falls within the first two months of the year, it is a timely reminder to parents to have conversations on money matters with their children before other priorities get in the way, says Mr Deepak Khanna, head of wealth development at HSBC Bank (Singapore). "In addition, this is probably the rare occasion where children will be given extra money 'windfalls' which are not part of their usual routine.

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A version of this article appeared in the print edition of The Sunday Times on February 10, 2019, with the headline 'Raising kids to be money smart'. Print Edition | Subscribe