Find out your child’s money personality

kids financial personality

What is your child’s financial personality?

We, the parents take proper care of our kids in their nutrition, health and school studies. But what about Financial Studies! In most of the time, the parents think this is too early to teach him/her in financial matter. They think that their kids will be able to take proper financial decisions once they will start earning themselves. Think again! Is it really possible? Can a child start walking alone from his first try? Can a child remember all the alphabets from one time hearing/reading? Is it possible for anyone to do a work in a proper manner without knowing/doing it beforehand? If yes, then he/she is an extraordinary and obviously this article is not for them.

As per experts, financial studies should be started along with other activities from the childhood. The proper age of starting the lesson of personal finance is 5-6 years (Click here to know more on children personal finance Education). Regular practicing a thing makes it perfect so a kid with proper money management education will be an expert balanced investor in future.

Now the parents with kids aged between 9-15 years, check your child’s financial personality with this interesting quiz session and take the preventive measures accordingly.

Before starting the quiz, I would like to mention that I’ve assumed that the child gets regular pocket money and he/she is supposed to use that pocket money for his personal expenses only.



1.    Has your Child ever lost his money?

a.    Never
b.    Once
c.    More than once
d.    Frequently

2.    If your child gets an option of having gift or money in any occasion then what does he choose?

a.    He takes the gift and when He loses interest on it , he likes to sell it to somebody
b.    Money
c.    Gift
d.    Either

3.    What does he do when he gets special money on any occasion other than his pocket money?

a.    Keeps it in a safe place to take some time to think  what to do with it
b.    Keeps it in his piggy bank and never use it
c.    Spends as soon as he gets it
d.    Keeps it somewhere and forgets

4.    When your child goes with you for shopping, how does he behave?

a.    Request you to buy the items which he needs
b.    Insists you to buy something for him whether he needs that or not
c.    Is indifferent

5.    What is his monetary status at the end of the month?

a.    He sometimes ask for help but return that money in the next month
b.    He never ask for extra money
c.    He always in need.
d.    Totally unpredictable because sometimes he hasn’t spent a penny and sometimes he has no money to spend.

6.    Does your child save his pocket money to buy something at his choice?

a.    He loves to do that and regularly save money from his pocket money.
b.    Sometimes
c.    Rare
d.    Never

7.    If you send your child to buy some items and tell him that he can use the leftover amount as per his choice. What does he do?

a.    Spends half the leftover amount and save the rest
b.    Puts all the leftover amount in his piggy bank
c.    Spends all the leftover amount
d.    Gives it back to you

8.    Does your child likes to grow his bank account or piggy bank  ?

a.    Yes, he is excited because he is closer to reach his goal
b.    He is so proud to see his growing piggy bank that never spends a penny
c.    Indifferent
d.    He never gives it a chance to fill up

9.    Does your child like to buy presents or gift for his friends and families?

a.    Sometimes
b.    Never
c.    Always
d.    If you insist

Here put the points as instructed below:

a: 1 point, b: 2 points, c: 3 points, d: 4 points

Score Card:

Points less than 12


Your kid is balanced in nature. He knows the value of the money and the proper usage of it. It is expected that he is likely to save and invest properly without being frugal at his matured age.
Your duty is to make him aware about all possible type investment avenues with their pros and cons and teach him how to set different time frame goals in life.

Points 12-19:


Your child is “Saver” in nature. He loves money and wants to preserve it. But he forgets the importance of time value of money or he does not aware about it.
Your duty is to teach him about the importance of proper investment. Tell him that if he leaves his money idle then the money will not grow. Help him to understand how to keep balancing in between spending and investment without mindless hoarding the money. Open a recurring deposit account or mutual Fund SIPs for him and encourage him to do contribute there regularly.

Points 20-27:


Your child loves to spend and fond of impulsive buying. He doesn’t understand the value of money or the importance of saving it. If he is not corrected at this time then in future he likely to fall in debt trap.
Your duty is to make him understand about the importance of savings. Give him pocket money regularly but make it mandatory for him to save a part of it. Give him reward if he able to save more than the desired percentage. Tell him to transfer the saved pocket money to his bank account on monthly basis.
Don’t buy unnecessary items like toy/gadget as he wants it. Encourage him to buy it from his pocket money.

Points 28-35:


Your child is indifferent to money and doesn’t know the value of it. This type of nature may become dangerous in life as soon as he grows because as he can’t handle the money properly so he will be in crisis forever irrespective his income level.
Make him earn his own money by doing some household works. This will make him understand about the value of money. Give him max 7 days’ pocket money in hand .Allocate 2/3 places to keep his pocket money. Never ever buy any unnecessary items for him as he wants it. Encourage him to save a part from his pocket money. Punish him if he lost his pocket money.

About Moonmoon Biswas

Moonmoon Biswas is an Equity research analyst . She has more than 10 years of experience in this field. She has proven track record in the field of Technical analysis and the Fundamental analysis. From the educational background, She is an MBA-Finance with CFA (India). She has work experience in the leading broking houses in India and has also in hand experience in Australian Security Market. She has her own equity research firm and currently also engaged in digital marketing.

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