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Empowering Children through Financial Education

 

Empowering Children through Financial Education, Money Talks for Women EP 124 Featuring Juanita Enns

Juanita Enns holding book in children's section
Juanita Enns

Welcome to the “Women Building Wealth from Money Talks for Women “ podcast featuring Juanita Enns. Today’s conversation revolves around raising financially competent children. Canadian author and entrepreneur Juanita Enns talks to me about her personal journey and the strategies she used to equip her children with financial knowledge from a young age; she offers precious insights on creating financially savvy kids.

In today’s dynamic world, where financial literacy is as crucial as academic education, raising smart money children is gaining ground. My discussion with Canadian author and entrepreneur Juanita Enns shines a spotlight on this essential aspect of parenting. Enns provides invaluable insights into how parents can nurture financially savvy individuals from a young age through her journey and the strategies she employed to educate her children about money. She also showcases her unique take on creating channels for children to earn and learn about money, its value, and the underlying responsibilities through their family-run business.

The Genesis of Financial Literacy for Children

 

holding book

The foundation of financial literacy begins with the family. Drawing from her own life experiences, Juanita Enns illustrates the importance of introducing children to money management through practical means. Operating a business on a remote Canadian island, Enns and her husband created opportunities for their children to earn money by contributing to the family business. This hands-on approach was about earning and learning the value of money, responsibility, and their contributions’ impact on the broader business.

 

Children as young as six or seven were given jobs and paid in tangible coins, offering a clear visual and physical connection to their efforts and earnings. This method underscores the significance of starting financial education early, using real-world experiences to cultivate a deep understanding of money management, work ethic, and the concept of value for work done.

 

Enns’ 10-50-50 Rule for Money Management

 

One of the innovative approaches to financial literacy highlighted by Enns is the “10-50-50 rule.” This simple yet effective rule is a cornerstone for children to manage their earnings effectively. Children learn the importance of balanced financial management by dividing their money into three distinct categories—giving, saving, and spending. The rule encourages children to allocate a portion of their earnings to charitable causes, teaching them empathy and social responsibility. Furthermore, the equal division between savings and spending introduces them to delayed gratification, long-term planning, and the immediate rewards of expenditures.

 

This concept facilitates financial literacy from a young age and embeds core values such as generosity, responsibility, and the foresight to plan for the future. It equips children with a holistic understanding of money, transcending the mere act of spending to encompass saving, sharing, and investing.

 

Practical Implementation in Daily Life

 

family photoEnns’s practical experiences, from running a family business to involving children in daily operations, provide a blueprint for parents looking to instill financial literacy in their children. Operating Kissasing Lodge and Wings Over Kissasing exposed her children to diverse aspects of the business, from customer service to managing finances. Such experiences are instrumental in teaching children valuable life skills, including communication, teamwork, and financial management.

 

Enns’ story underscores the potential of everyday experiences as learning platforms for financial literacy. Whether managing a small allowance, saving for a desired item, or understanding the family budget, these practical experiences build a solid foundation for wise money management in adulthood.

 

In essence, the journey of raising smart money children begins with intentional efforts from parents to integrate financial education into the fabric of daily life. Through hands-on experiences, clear financial rules like the 10-50-50 rule, and open discussions about money, parents can equip their children with the tools necessary for financial success and independence. Juanita Enns’ experiences and insights serve as a valuable guide for parents worldwide, emphasizing that starting this critical aspect of education is never too early—or too late.

 

social media post for Juanita Enns' bookEmbedding the Culture of Giving in Financial Education

Juanita Enns’ approach to financial literacy emphasizes saving and spending and the profound impact of giving. By incorporating giving into the foundational principles taught to her children, Enns instilled a sense of social responsibility and empathy from a young age. The 10% giving rule is about teaching children the habit of charity and broadening their perspective beyond personal needs and desires. This initiative has led to a culture of giving within her family, reinforcing the belief that one always has enough to share with others.

  • They shape a child’s worldview, encouraging them to look outside their immediate circle and consider the broader community’s needs.
  • Implementing the giving rule in their formative years fosters a sense of fulfillment from helping others, which is especially critical in today’s increasingly self-centered world.
  • The “Cast it Forward” program, initiated by Enns’ company, exemplifies how business ventures can be leveraged for community benefit, teaching children the importance of philanthropy in entrepreneurship.

A Workbook for the Young Investor

  • Designed as an interactive workbook, Enns’ publication invites children to actively engage with financial concepts, from budgeting to investing, in an educational and empowering way.
  • By encouraging kids to identify their strengths and discover ways to earn money, the book lays the groundwork for future financial independence and success.
  • Investment education, simplified for young minds, demystifies the process, showing children that starting small does not mean thinking small. Even modest investments can grow over time, thanks to the power of compound interest.

 

In conclusion, Juanita Enns’ philosophy towards raising financially literate children merges practical financial habits with a broader understanding of value, generosity, and personal growth. By fostering an environment where financial education is approached with the same vigor as academic learning, parents can empower their children to build a future that is financially secure and enriched by the joy of giving.

 

lynn Kitchen Enrollment
Lynn Kitchen

These “Women Building Wealth from Money Talks for Women” podcast interviews have become a beacon of hope and inspiration. These sessions are more than just interviews; they are a community where participants share experiences, challenges, and successes. This collaborative environment fosters a sense of belonging and support, crucial for anyone embarking on a journey toward financial independence and literacy. At “Money Talks for Women,” we have a space where women can freely express their doubts, learn from each other, and forge a path to financial empowerment.

Buy Juanita’s book on Amazon

 

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