 It is not uncommon for parents to encourage their children to develop sound money-saving habits from young. To get them started on the right footing, an infant may even have a bank account or trust fund opened in his or her name! However, more parents are going the extra mile to enroll their children in 'Young Entrepreneur' camps that teach good money management habits and some basics of running a business. Costing from less than fifty dollars to several hundred dollars, these workshops and camps often go by the name of ‘young entrepreneur’, ‘money management’ or ‘moneysense’ programmes. With the holidays just around the corner, you may want to consider enrolling your child in such a programme.
What are the objectives of these camps?
Regardless of the various age groups these camps are targeted at, their common objective is to teach children and youth the value of money and how to make decisions related to budgeting and financial matters. Some of them also give children the chance to ‘run’ their own business so as to help them discover if they have an aptitude for it, and hopefully kindle the entrepreneurial spirit in them.
What do these camps teach?
Young children aged 6-8 may be taught the basics of money such as how currency is used, the history of money through the ages, the concept of value and how to save. They may also work in groups to learn how to run a small café, a gift cart or a mock supermarket. Older children and teenagers may be taught how to plan a budget to manage their personal spending and education needs, to planning for a small business and understanding the basics of investment and stock trading. It is not uncommon for teens to become savvy at reading profit and loss sheets, and developing their own stock portfolio after gaining such exposure during these camps.
Will these camps help children do better in school?
A lot of the skills that are developed during such programmes do come in handy in school. Handling money while running a mock business provides practice for Mathematics skills such as addition and subtraction. Learning about profit and loss, depreciation etc. gives additional Mathematics practice in calculating percentages and using tables. Children also develop project management and problem-solving skills, which is very useful as there is greater emphasis now on project work even at primary level.
Can children pick up these skills during school-based programmes and activities?
Yes, most schools do have their own ‘Young Entrepreneur’ clubs and some send batches of students to attend workshops ranging from a few hours to several days. Some schools even incorporate money management as an elective course - such as Xinmin Secondary School, where selected Secondary 3 students attend the Business@Xinmin enrichment course to encourage them to develop financial and business savvy.
Keen to find a suitable programme for your children? Visit your local community centre/club or the OnePA website at www.one.pa.gov.sg for courses, or check out the following links:
Moneywise Camp by Moneytree Singapore
Young Entrepreneur Holiday Camp @ SIM
Little Entrepreneurs Camp by Genius R Us
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