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Financial Products for Children. Have We Gone Crazy?


I remember when I was little, back in the Pleistocene, that all my financial knowledge consisted in knowing that "things" cost money and that the more I liked them, the more money they cost, that if the piggy bank made noise and weighed it meant that I had "money”, money that on the other hand he could never spend because it was always for "another time".

The excuse of financial responsibility and autonomy

MasterCard managers say that they have developed, together with the Child & Youth Finance International organisation, a "white paper" with the guidelines for developing suitable financial products for the youngest members of the household and avoiding those that are not suitable, as well such as advertising directed at this segment.

I am not an expert in international finances, like those in my house, but if I think of "financial products" suitable for my children, I can only think of a couple of them: their parents and the piggy bank.

What a hobby others have for making our children become micro-adults, as if they didn't have plenty of time for it. Is that really necessary? I do not deny that having certain knowledge of how the world works is good for them and that teaching them from an early age not to waste and to consume responsibly is important for them, their future and that of this insatiable consumer craving society.

Every time we demand more of our children, that they know how to do adult things, that they act like us, that they behave correctly in our environment, that they speak languages, that they play football like the cracks that appear on TV, that they be role models. clothing, we even have beauty, musical or cooking contests in which we force them to compete with each other versus cooperate. We are making them little adults when what they are really experts at is being children.

For a moment, what ages are we talking about?

Well, no age is specified in the article or even the type of products that are offered, but through the Child & Youth Finance International website we can see that they have projects in different countries aimed at children over 10 years old.

10 years! I don't know, at what age did Rockefeller start amassing his fortune? Am I the only one who is a little scared to come home one day and have your son ask you for money to buy a package of shares in Perdition & Co founded by a colleague of his at recess time? Man, it's one thing to spend Saturday afternoon playing monopoly and quite another to spend it evaluating the Tokyo stock indices or the Down Jones.

Who is going to explain these products to my children?

If already in this country very fat has been involved with the famous " preferred " that was supposed, according to the financial bosses that it was a wonderful product and adapted to any type of client, I do not want to imagine the one that can be organised with 10-year-old kids or 12 years managing your bank accounts.

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And how are they going to advertise these products if it is assumed that the advertising of any financial product to minors is prohibited? How many of us have enough knowledge to handle financial products? Because I imagine that we should be the ones to explain or be present, when I explain what each thing is.

Perhaps we have not understood well what Montessori meant to us or it is possible that a few have seen in our children a vein, a new vein to extract oil, the problem will be the cost of all this exploitation.

Let the children remain children and play at being adults and not the other way around.


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