One of South Africa’s most exciting Olympians, Wayde van Niekerk, has proved that people can achieve tremendous things with very little. While on a visit to his old school, Grey College, he learned that kids there have realised the importance of this very tenet very early on in their lives. He went back to his old school, Grey College to find out what kids really think about money.
Many of the children who were interviewed appeared to appreciate that money is a means of exchange often best spent on goods that are valuable as opposed to “throw away” goods.
“If I save up, then I can buy something that won’t break until I’m old,” Lucky, 11, said.
Josh said he his parents told him to set goals in life. He would be a goal-setter when he bought things too.
“If I want to achieve something, I must make it my goal. If I want to buy something, I must save for it as a goal, that’s what my mom says,” explained Josh.Waylon, 11, said her parents tried to put money aside until the end of the year so that they could go on holiday. He wanted to do the same.
“I really enjoy going on holiday and I want my kids to get that opportunity to go on holiday too someday,” he said.
Many of the kids interviewed said they would like to have investment accounts in the near future.
“I would like an investment account because then I can get dividends and pay for things. Savings accounts give you worse returns,” said Ilario.
Some of the children were not that frugal just yet.
Josh said he’d rather his parents looked after his pocket money.
“You don’t want the responsibility. Your parents must work and they can hold onto my money,” he said. He’s also smart and uses wifi instead of cellphone data where he can to save money.
Ilario said he lent money to his parents so he could earn interest. “It’s simple, they give me double back! Last week I made R200!” he said.
Some of the kids said their parents had opened bank accounts for them. They then encouraged them to add money to the account.
Daniel said he would be rewarded with gifts if he put more money into the account at the end of every second month. He would however have to do chores if the balance of the account fell.
“I try to do some work for the neighbours for money. I don’t want to have to do extra chores at home,” he said.