Growing up in the ’80s and ’90s, money was never a topic of conversation at home. My parents didn’t discuss it with us — so I had no idea how much a kilogram of rice or a dozen eggs cost. I didn’t know what our rent was, how much we paid for utilities, or what my parents earned and spent each month.
Of course, no one expects parents to sit down with their children and go through spreadsheets — that would only give them a headache. But it is important to start talking to kids about money management as they grow up. These conversations help them make better, more informed financial decisions later in life.
Talking about money is often seen as taboo, not only in Bangladesh but in many parts of the world. Yet, financial literacy is a key part of our overall well-being — it affects not just our finances but also our mental and emotional health. Over the years, I’ve seen friends and family struggle with debt, fall victim to credit card traps, and face financial stress — often because of poor financial literacy.
Financial Literacy Begins at Home
Our daughter has been tagging along with us to the grocery store since she was just a few months old. At first, it was out of necessity — we had no one to leave her with — but over time, those trips turned out to be unexpectedly valuable lessons.
She learned words, letters, and numbers while shopping. As she grew older, she started comparing prices, reading nutrition labels, and even helping us make choices based on cost and value. She also became aware of what her clothes, shoes, and toys cost — lessons that most of us never had at her age.
By the time she was 10, she already understood that earning money requires effort — and that spending it wisely is just as important.
Learning About Money at School
My daughter now has her own bank account, where she saves cash gifts from birthdays and other occasions. When she was in fourth grade, her school actually encouraged students to open their own accounts. A local credit union representative came to her class and spoke about saving and budgeting — something I wish I’d experienced growing up.
Here in the US, children can open a bank account with as little as $5, without monthly fees or balance requirements. And many states are making financial education a priority: as of now, around 30 states require high school students to complete a course on financial literacy before graduating.
These courses teach students how to budget, manage bank accounts, save, pay taxes, understand credit, invest, and protect themselves as consumers — life skills that will serve them forever.
Breaking the Taboo
Money shouldn’t be a forbidden topic. Many of us who didn’t learn about it at home or in school — or didn’t study business in college — find financial concepts confusing and intimidating. Without a basic understanding of budgeting, savings, taxes, or credit, it’s easy to make mistakes once we start earning.
We overspend, fail to save for emergencies, or fall into debt. And often, it’s not because we don’t earn enough — it’s because we were never taught how to manage what we have.
The Credit Card Trap and Online Scams
In today’s world of easy credit and digital transactions, financial awareness has become even more essential. Many people still don’t realize that the money on a credit card isn’t actually theirs — it belongs to the bank. If they don’t pay it back on time, the interest can pile up quickly and lead to serious debt.
Financial scams are another growing threat. Without basic financial literacy, it’s far easier to fall for fraudulent schemes or risky investments.
That’s why it’s crucial to take time to educate ourselves. There are plenty of free resources online, including excellent financial literacy courses on platforms like Khan Academy. You can also seek advice from friends or family who work in finance — they can help you understand complex concepts in simple terms.
Start the Conversation Early
We should start talking about money with our children once they’re around 9 or 10 years old. At that age, they’re curious and capable of understanding simple financial ideas — like how money is earned, saved, and spent. This helps them develop realistic expectations and a sense of responsibility.
Schools in Bangladesh could also take a cue from the US and introduce financial literacy in the curriculum. Teaching young students about savings, budgeting, interest, credit, and taxes would go a long way in building a financially aware generation.
Only those who have faced financial hardship truly understand the emotional and practical toll it can take on a family. But with the right knowledge and habits, such crises can often be avoided. Financial literacy, quite simply, is one of the most valuable lessons we can give our children — and ourselves.