Sri Lankan teens and finance

Teenagers in Sri Lanka are very much brought up in conventional manner. The parent set norms and values which do not allow them to take decisions on financial and other matters. From age old days to date, parents and their grandparents manage the financial matters. They supply the food, clothing and other essential things to their family depending on their income. Majority of the Sri Lankan either the farmers, estate workers, and small-scale business men. They depend on their daily work and wages. Apart from their lower financial classes people, the middle- and upper-class people are flexible in financial management issues. Many of them who are in the higher strata allow their teenage children to manage financial matters. The main issue in Sri Lanka is except the teenagers from rich families, other parents do not encourage their teenage children to handle financial matters. Sri Lankan teenagers are bound by the values thrusted by their parents. Parents spend money and look after their children well. Parents do not give money and entrust them to manage it. They do not find any need to make the savings for some reasons.

Parents do not allow children to handle money as they might use it for unnecessary wants and needs. The parents are feared that their children being misled by buying drugs and other narcotics if money flows in the hand. Most of the rich parents who are in high professional positions are facing lot of problems by giving money lavishly to their teenage children. The children of such parents have high competition with the other teenagers of the same starter. Such teenagers before they finish their scholarly, demand huge sum of money for parties buying luxury things. They neglect their studies and as a result, become unemployed and start harassing parents for big sum of money for mean needs.

In this context the Sri Lankan teenagers who are now using mobile phones for various purposes could be educated online about financial management. They can be thought about how to save money, how to use money, how to spend money in a valuable manner. If such education is rendered at their age, they will realise the importance of earning money on their own at the adult level. Because in Sri Lanka teenagers scarcely join any works, after the completion of G.C.E A/Level they start seeking jobs. Once they start to earn, they face a lot of problems in managing their money. Therefore, it is advisable to educate the teenagers about financial management.

In Sri Lanka the teenagers are not taught about the value of money, the use of money and the financial management. Sri Lankan teenagers are very much dependent on their parents and patrons. Due to the insecurity the parents do not allow them to go out alone as there are rape, drug abuse, child abuse, murder, kidnapping and abduction incidence taking place in Sri Lanka.  Parents are more concerned about their teenagers.

However, in the digital age teenagers now a days have access to good and bad aspects in all the fields. They have an inner wish to be independent like the teenagers in the other developed countries.

In the European and other developed countries, the government have taken very efficient security measures. Any teenagers can manage on his or her own, because of the monitoring of the security for the young ones. Whereas in Sri Lanka it is not so.

Today in the fast-developing world teenagers should learn right financial lessons in their age. If not, it will hard for them to increase their financial intelligence that they should have to succeed in their life. The great thing about teaching a teenager how to properly handle money help to make the vision reality. Therefore, talk to your teenage children about the future whether it is planning and saving, setting goals will helps the teenagers to make their vision reality. Start slowly with your children, be honest by not hiding your financial failures or cover up things when money is insufficient. They will trust your openness and learn valuable lessons. Talk about values but not the figures. Set family goals by including your teenage children in your family budget meetings. As teenagers watching closely their parents and the environment explain the importance of save, spend and share. Who is very careful with how much the money they spend will not carelessly take part in antisocial activities and wont clinging with wrong people.

Bavvatharani Ravindran

Nallur

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