How to talk to your kids about money

Ms Esther Tan, her children Nathan and Phoebe Foong, and Mr Elvin Foong at their home on Jan 21, 2019. ST PHOTO: ARIFFIN JAMAR
New: Gift this subscriber-only story to your friends and family

SINGAPORE - For Chinese New Year last year, Ms Esther Tan and her husband allowed their children to spend three $2 notes from the hongbao (red packet) money they collected.

Nathan, aged seven, and Phoebe, five, were each allowed to buy three $2 items of toys and stationery from the Daiso store, while their parents saved the rest of the money for them.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Get the ST Smart Parenting newsletter for expert advice. Visit the microsite for more.