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Teachers Often Don't Have The Time To Teach Money Management
Children are showing the kind of entrepreneurial spirit we mustn't ignore (CCSS Level: Grade 7, Words: 413)
Sep 28, 2017 Style & Living
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A few months ago, the world heard about teenager Nathan John-Baptiste, who built a £50,000-a-year tuck shop empire from the boys' toilets of his school. Dubbed the Wolf of Walthamstow, the schoolboy had 11 employees working across three schools before his operation was shut down. It's entrepreneurial spirit we don't expect to see in children, but it's not as rare you might think.

Cloud accounting software company Xero found that while children as young as seven receive an average of £570 a year from pocket money and gifts, nearly half of them go on to earn more from side businesses. From selling old toys on eBay to cleaning their neighbour's cars, it's a remarkable start for the third of British kids who say they would like to be a business owner themselves when they grow up.

When child entrepreneurs appear, it can be a really big deal. Last year 15-year-old Arminder Singh Dhillon approached one investor, along with his mum, to pitch Boot Buddy, his own invention that cleans muddy boots and shoes. He walked away with £60,000 in seed money - the youngest ever entrepreneur to receive investment from that particular company.

But while kids are clearly savvy when it comes to earning money, it seems they aren't so shrewd when it comes to saving their earnings. Xero's research found that half of parents admit their children understand the idea of saving, but rarely actually do it.

Poor cashflow management is cited as the reason why two thirds of small businesses fail in the first five years of trading, and over a quarter of small business owners admit they don't keep proper track of the time and materials spent on client's assignments. It's more important than ever to install budgeting and cashflow sense in our entrepreneurs of the future.

It's vital to teach children an understanding of good money management as soon as they start handing it themselves. Every school should teach enterprise - it is so relevant to every aspect of life. Sadly, in the UK, many teachers don't have the time, support or knowledge to discuss money management with the kids. Something else always takes priority. As this research shows, our relationship with money is set as early as seven years old.

Parents may have no idea whether their children will choose to become entrepreneurs but their job is to equip them with as many tools as possible to make the right decisions, should the time come.

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ac-tual

real, in fact


adj.实际

ash

the powdery residue left after the burning of a substance or emitted by a volcano


n.灰

bud-get

offering a cheap price, low cost


adj.预算

bus-i-ness

a group that supplies goods or services to buyers


n.商业

de-ci-sion

the act of deciding something, making a choice


n.决定

em-ploy-ees

people paid to work for a company


n.雇员

fu-ture

time still to come    


n.未来

ma-nage-ment

dealing with and controlling things or people


n.管理

ma-te-ri-als

the matter from which things can be made


n.物料

rare

not common, not often seen


adj.罕见

re-le-vant

closely connected, appropriate


adj.相关

re-mark-a-ble

amazing, hard to believe


adj.卓越

re-search

looking for knowledge


v.调研

vi-tal

absolutely necessary or important; essential


adj.重要