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Of course, as he grew older, he realised that he needed to have money in his bank account in order to withdraw it.
When children are growing up, parents scramble to enroll them in all kinds of courses like dance, art, swimming and others. However, very few parents take interest in teaching their children about managing money.
In fact, most parents don't have the time and some even lack the skill to educate their children about finances. Well, you don't need to be an actual financial whiz to do so. Children basically need to understand the importance of money. And, more importantly, the importance of savings.
However, in most families, parents shy away from even discussing money with their kids because money matters are supposed to be an 'adult thing'.
The best way to make them understand the relevance of money is by letting them make their own decisions from an early age. That is, give them small amounts and allow them to spend. And of course, add a carrot in the end that if he/she is able to save an 'X' amount from their pocket money, there would be something nice waiting for them.
There are a few questions that you need to ask yourself:
Irrespective of your wealth spectrum, the following should be taught to children before it's too late:
Of course, as they grow older, there will be concepts of insurance and taxation that will help them understand the entire gamut of finance. But they can wait. For now, it is important for them to understand savings and spending.
And remember, just like in Darashaw's case, it is not the child who needs to be blamed. The onus is on parents to shoulder this responsibility. As American columnist Bob Talbert said, "Teaching kids to count is fine, but teaching them what counts is best."
(The name of the person has been changed)
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