A father in Jinan, Shandong made a “financial plan” for his 10-year-old son, and even paid 10% interest on his savings. (Picture / Recap from Dongfang Jinbao)
Just following the New Year’s Eve, many children are full of red envelopes, and parents will choose to save them for their children, but have parents ever thought regarding letting their children manage their own money? In Jinan, Shandong, a father surnamed Xu opened a “private bank” for his 10-year-old son to save money in order to cultivate his 10-year-old son’s outlook on money. He also paid his son 10% interest every month. After one year, he has already made a lot of money. 1570 RMB (approximately NT$7,000).
According to mainland media reports, Xu’s father formulated a “financial management plan” that allowed his son to get paid by doing housework, studying and other labor. As long as the deposit reaches 50 yuan for more than one month, the father will pay 10% of the deposit interest. During the period, the child also used the money he earned by himself to treat his parents to mutton soup for 30 yuan.
Xu’s father said that if his son completes housework such as mopping and sweeping the floor, he will be rewarded with 1 yuan (RMB, the same below) for each item, and 5 yuan for writing an essay. A year later, the son’s first annual income totaled 1,570 yuan.
Xu’s father revealed that at the beginning, he just wanted his child to develop good financial habits, but since the implementation of the financial plan, he has also seen great changes in his son. We will continue to adhere to this financial plan.”
After the news was exposed, many netizens commented and praised, “This is really a very good education!”, “It’s very good, cultivate children’s financial awareness from an early age, and don’t waste money”, “This father’s approach is very good. That’s correct.” However, some netizens believe that money should not be the guide for raising children. “Housework is what children should do, and should be paid to each other in the family. Housework should not be paid for.”
