Teaching Your Kids the Art of Philanthropy

Often viewed as a privilege, charity is more of a responsibility. Teaching kids to set money aside for a charitable cause is important when we are raising them to be financially responsible. This can drive them to be socially-conscious as well as experience the joy of giving and use their money for good. The question is – how can you teach your kids about philanthropy? 

The Key Step

The key step is to normalise conversations about money at home. It is observed that some parents can be reluctant and hesitant to talk about money matters in front of their kids. This introduces the notion that money is a taboo or secretive, which can make it difficult for them to be open to charity in the future. By talking to them about donating to charity, you can make sure that they are familiar with the idea and also raise their comfort of “giving” and not just using it for personal benefit from an early age. 

Teaching Kids Philantrophy: What Can You Do? 

Showing Them Instead of Telling Them

Children are excellent visual learners. By showing them charitable behaviour, you can make them model the same. You can do this by involving them when you are giving to charity or telling them about the activities that you have done in the past. By elaborating on the reasons for charity and the feelings it bought after – you can also make it easier for them to see the benefit of philanthropy – which is not necessarily monetary. 

Strike Frequent Conversations About Giving Back

Be it on the dinner table or right before bedtime, you can strike family conversations about charity and how you as a family feel about it. This can not only help register the concept more prominently in their minds but also give an insight on their perception of philanthropy, according to which, you can make decisions. If you see a sense of acceptance and excitement for the concept, you can get them more actively involved. 

Incorporating Charitable Giving in Your Child’s Life and Allowance

Donating to someone that they feel more connected towards can be a smart move to make to instil the habit. By asking them about anyone that they want to donate to, and giving them their own “charitable money” to manage, you can encourage them to take these decisions and interest them more in these activities. If you want to give them a higher sense of independence, you can incorporate this in their allowance and encourage them to keep aside a small portion for giving back, such as buying snacks for gardeners or cleaners around them. Philanthropy does not always need to be monetary, and you can take a step further and encourage them to donate something else as well!

Volunteering

By making them volunteer at places that support causes kids may be passionate about, you can encourage faster and better habit-building. Ask them to donate their old toys or books that they are not using instead of discarding them, which can teach them how they can touch another child’s life who may not be able to afford them. Appreciation goes a long way when your child is giving away, and by recognizing that they are doing a good deed and leading by example, you can instill this habit.

If you are looking for an easy way to incorporate good money habits for your kids, try out Milestone. A Singapore based startup, it is a one-stop financial literacy app that seeks to nurture our future generation to be money-wise and investment smart.