Kids Will Be Kids

I literally froze in front of my screen and gawk when I read this. But to be fair, when I look back, I have no idea how recession can affect. The most important thing in the world then was whether I could get the coolest toy in town. Nothing much has changed. This time round, recession hit me bad and for the first time in my life, I felt it. I fear... Living in fear that I might lose my job and the 2000 "what ifs" that follows. Thankfully, I went grocery shopping with my Mom often enough even when I was a child, so I could understand the value of daily necessities and wouldn't be living in denial that groceries costs can run up to the hundreds every week. Worked out some numbers last night, my only way out if to start making some money again.

Taken off AsiaOne
Thu, Dec 11, 2008
The Straits Times

By Lim Pow Hong & Seow Kai Lun

SINGAPORE'S school-going children seem unaware of terms such as 'recession' or 'economic downturn'.

To the average teenager, a budget meal costs $8 at a fast-food outlet and saving means putting aside money for a 'cool' $248 iPod nano. When they run out of cash, they just ask their parents for more.

The Straits Times polled 100 students - aged 13 to 19 - who received pocket money. Their responses showed most of them did not think the current recession here would affect their spending habits or that of their families.

Tips for parents

Start giving a child a fixed allowance at a young age, so that he learns the value of money.


Give allowances on a daily basis first, encouraging a child to save 10 per cent of it daily, before moving to a weekly, then monthly basis. Do this rather than giving lump sums of money.


A child should also be given an allowance in smaller denominations so he can save some immediately when he gets it.
Kids talk about money and spending

FAST FOOD OVER KOPITIAM
'I would rather eat fast food than go to the kopitiam to eat as the food there is not so nice.' -Ruthie Tan, 14, Tanjong Katong Girls' School

RACKING UP PHONE BILLS
'My parents got me to switch to prepaid cards so I wouldn't overspend on my phone bills. I have to spend $50 on two prepaid cards sometimes.' - Serene Heng, 13, Cedar Girls' Secondary School

GROCERIES COST THAT MUCH?
'My parents say that they spend $100 to $200 on groceries each time, but I don't believe it. How can they cost so much?' -Nur Fathin Ayunie, 13, Bukit View Secondary School