After conducting several interviews, I discovered that all parents gave their children an allowance from a young age. These findings align with my previous research, which found that 60% of parents give their children an allowance, as reported by Credit Protection Service (SPC Brazil).

Here below, you can find a summary of those interviews:

All names referenced in this context are fictitious and solely serve to aid in creating personas. The anonymity of the interviewees is preserved to protect their identities.

34-year-old Lucia emphasizes the significance of financial literacy, self-control, and understanding of what is essential. She has set up a savings account and teaches her kid how the supermarket operates. They pose three questions before making a purchase: Do I want it? Is it required? Can I pay for it? She thinks it’s important to establish boundaries and clarify that nothing is free. She does not overburden her 9-year-old daughter with duties that are more appropriate for adults, although she has the necessary composure. Her father offers assistance with sensibly handling money.

The 37-year-old mother of three girls, Carol, gives her children a monthly allowance so they can become financially independent at a young age and develop financial literacy. She focuses on practical education by teaching her girls how to count money and learn how to deal with it.

The girls receive cash via debit card but need help keeping tabs on their expenses. One of them borrows money from her sister regularly, always up in debt.

Mother of three and 40-year-old Monika works outside the home to supplement her money. She uses this to teach her children the importance of financial responsibility. She gives them a modest weekly budget to cover education costs and expects them to manage it. According to Monika, achieving goals and handling finances require early financial education. She teaches her children how to save money using a piggy safe at home. Young children always spend more than they have it. By saving money for his future house and education, the 16-year-old son manages his money more wisely. Monika reveals that their school offers after-hours financial literacy courses, which can help with the financial education of her children.

Below you can find some says from those parents:

“Junior, seven years old, likes to save money but is disappointed because he has no control over it. He keeps asking his father how much money he has in his account.”

“My daughter spends all the money and even borrows it from her sisters.”

“He wants to spend all his money on McDonald's!”

“He can't see money in his hand that he's already running out to spend!”

“Have plans! But who says they know how to save to buy later?”

“Not all schools teach about financial education.”

In conclusion:

After reviewing the interviews with various parents, it is evident that financial education is a significant concern for many families. The parents recognize the importance of teaching their children about money management and are taking various approaches to instill these values in their children.

One commonality among the parents is the emphasis on setting goals and saving money to achieve them. They believe that teaching their children to prioritize their expenses and save money for essential things will help them develop healthy financial habits that will serve them well. Many parents also give their children a weekly management allowance, encouraging responsibility and financial independence.

Another issue the parents are trying to solve is the need for more financial education in schools. Some parents have expressed frustration with the lack of formal education in this area and are taking it upon themselves to teach their children at home. They use various methods, such as YouTube videos, apps, and games, to make learning about money fun and engaging.

Overall, parents are focused on teaching their children about the value of money, setting financial goals, and developing responsible financial habits. They are also taking proactive steps to address schools' need for more financial education. By instilling these values in their children at a young age, they hope to set them up for success in their financial futures.

After conducting my research, I've decided to concentrate my study on kids between the ages of 7 and 10. Studies have shown that children's financial habits form as early as 7, making this age group especially crucial for financial education. We can help kids form wise financial practices that will serve them well throughout their lifetimes by beginning financial education with them at a young age.

Furthermore, kids between the ages of 7 and 10 are in a developmental period where they are starting to grasp more complicated ideas and are naturally curious about the world. This makes it the perfect moment to introduce those money concepts because kids are more open to learning new information and developing wise financial practices.