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Your children will pick up their attitude to money from you as their mother and they will also pick up your bad spending habits.
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We learn many things from our mothers and one of the most important lessons is how to deal with money.
How to budget, what to spend money on and how to ensure you do not have too much month left at the end of your money are some of these important lessons.
In many South African households where every rand counts and a single income often supports everyone, mothers step in as the financial managers, ensuring that every expense is carefully planned, Sandi Richardson, HR executive at RCS and mother of a teenager, says.
“There is a reason for the saying that an apple does not fall far from the tree. Children absorb the behaviours instilled by their parents, regardless of whether it is intentional or not.
“When mothers demonstrate financial discipline, prioritise savings and make informed financial decisions, their children are more likely to adopt these habits.”
Similarly, children will also pick up on irresponsible spending behaviour, she warns.
ALSO READ: How to teach your children to save and invest
Richardson points out that parental financial socialisation, or the way parents teach and model financial behaviour, has a significant influence on children’s financial literacy.
A study focusing on young adults in low-income areas revealed that parents’ financial behaviour, monitoring and discussions directly affected their financial knowledge and future financial well-being.
Another study on families in the Eastern Cape found that a strong parent-child relationship enhances financial teaching and leads to better financial behaviours among young people.
“Financial education is not only about formal lessons but also the relationship, everyday interactions and experiences within families.”
Richardson encourages mothers to include their children in routine bill payments and monthly budgeting discussions to help them understand the ins and outs of money management.
“When our children see the reality of household expenses, they gain a better appreciation for financial responsibility.”
She says mothers can make financial education fun and engaging by incorporating creative activities that help children understand the value of money.
Practical approaches include envelope budgeting, where money is allocated into labelled envelopes for different expenses to demonstrate spending limits visually.
ALSO READ: Why parents should teach children the value of saving money
Setting savings goals can teach children delayed gratification by encouraging them to save towards a specific reward, such as a toy or an outing.
Families can also introduce money challenges, such as finding the best deals on grocery items or earning extra money through getting paid for doing chores.
“There are also amazing budgeting apps these days designed especially for children to help them track their allowances and spending in an interactive way,” Tali Anderssen, legal and compliance executive at RCS and mother of three, says.
She has seen the benefits of financial education in her own home.
“We set up a monthly family finance challenge where the kids track their expenses and try to save a portion of their pocket money. Seeing their progress motivates them to make smarter spending choices.”
“Parents can access tools such as free credit reports, financial planning guides, and debt management advice,” says Richardson.
“These resources are designed to empower families with the knowledge and skills needed to make sound financial decisions, strengthening their own financial understanding and passing these lessons on to their children.”
ALSO READ: How to secure your child’s financial future
Robyn Edwards, senior brand and marketing manager at digital financial services provider Finchoice, says South African mothers are rewriting the rules of financial responsibility.
“Being a mother means you are a multitasker, a planner, a nurturer – and a chief financial officer.
“For millennial moms, caregiving is not limited to the home. It extends into every decision they make about wellbeing, time and money.
“From budgeting for school fees to investing in self-care, millennial mothers are doing the math daily. And they do it well.
“With 64% of millennials now parents and the majority of them being women, it is worth unpacking the unseen load that millennial moms carry and the smart ways in which they’re using fintech solutions to lighten it.”
Millennial moms work more than previous generations of mothers and spend more time parenting their kids, often with less support from their families or with an additional responsibility for caring for elderly parents. And then there are the ever-rising costs of living and childcare.
“Our data shows that family commitments, home improvements and school fees are the top reasons moms use digital lending tools.
“These are not for frivolous spends, but investments in stability and growth. Millennial mothers are not just managing their households; they are making deeply strategic decisions every day.”
ALSO READ: Financial literacy at an early age is key for success later
Robyn Speelman, marketing operations lead at PayJustNow, says that the same trend is just as clear among their base of 2.6 million customers.
Millennial mothers use flexible payment tools to meet their families’ needs while staying in control of their finances.
“Millennial moms do not need to be told how to manage their money. Instead, they are proactively seeking out technology and brands that respect their reality and their time, while making it easier for them to be financially savvy,” Edwards says.
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