On Father’s Day, let’s take a nostalgic journey back to those formative years, where Dad’s money secrets were our first glimpse into the complexities and possibilities of financial management.
By Krishnan Vishwanathan
Do you remember the first time you held a coin in your hand, marvelling at its shiny surface and imagining all the possibilities it held? For many of us, that moment wasn’t just about spare coins—it was the beginning of a journey into the world of money, guided by the wisdom of our fathers. On Father’s Day, let’s take a nostalgic journey back to those formative years, where Dad’s money secrets were our first glimpse into the complexities and possibilities of financial management.
In a world where Gen-Z is shaping the future of finance with their digital savvy, the timeless lessons from our dads continue to hold value, especially in the realm of finance. From the clinking of coins in a piggy bank to the convenience of digital transactions, Dad’s teachings were rooted in practicality and wisdom. Join me as we delve into the treasure trove of Dad’s financial wisdom and uncover the lessons that complement the digital landscape of Gen-Z’s financial habits.
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1. Leading by Example
While Gen-Z embraces digital transactions and online financial services, the essence of financial responsibility remains paramount. My father never sat me down for a formal lesson in budgeting or saving, however his actions spoke volumes. I watched him meticulously manage our household finances, prioritizing savings and investments. His dedication to financial responsibility served as a silent yet powerful lesson, shaping my own approach to money management and inspiring me to lead by example for my children. It is imperative that the Gen-Z understands the importance of financial responsibility and have a role model that they consult and follow instead of just depending on their own expertise. The GenZs might be tech savvy but some learnings come with age.
2. Learning the Value of Saving
In a world of instant purchases and digital subscriptions, the concept of saving for the future may seem outdated to some Gen-Z individuals. Yet, the lessons of saving taught by our fathers remind us that delayed gratification yields greater rewards. By instilling the habit of saving and investing wisely, Gen-Z can equip themselves with the tools they need to navigate a world where financial stability is paramount.
3. The Piggy Bank Principle
Instant gratification is our generational vice, but our dads had a different philosophy. I’ll never forget the old piggy bank on my dad’s dresser, that humble repository for loose change and hard-earned lessons. Every coin that went in was a tiny sacrifice, teaching me the power of delayed gratification and the rewards of patient saving. The Gen-Zers, may be digital natives, but the piggy bank principle still holds true – make small, consistent sacrifices today for a more secure financial future tomorrow.
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4. Balancing Digital Convenience and Financial Prudence
Gen-Zers are all about the latest digital financial tools and services. But amidst the convenience, our dads’ cautionary tales about overspending still ring true. My dad, for instance, would go through every credit card statement with a fine-tooth comb, drilling into me the importance of mindful spending. In Gen-Z’s tech-savvy world, that level of scrutiny and restraint is more crucial than ever if we want to maintain a healthy relationship with money.
5. Navigating Credit Wisely
My father’s approach to borrowing was a masterclass in responsibility. He taught us to wield debt as a strategic tool, not a burden. I can still see my dad accessing his budget, carefully planning every loan and ensuring it served a specific purpose – be it fixing the car or funding my college education. He repaid diligently, never allowing debt to spiral out of control.
6. Imbibing Financial Independence
As Gen-Z embraces digital financial services, they have the opportunity to develop the skills and confidence to manage their own money responsibly. My father’s encouragement of financial independence empowered me to take control of my own financial future. By involving me in financial decisions and empowering me to manage my own money from a young age, he instilled in me a sense of independence and self-reliance that has guided me through adulthood. Now, as I watch my own children take their first steps toward financial independence, I’m grateful for the lessons of empowerment and autonomy instilled in me by my father.
In a world where financial services are increasingly digitized, it’s essential for Gen-Z to develop the skills and confidence to manage their own money responsibly. They should learn to take control of their finances, set their own financial goals, and make informed decisions, to thrive in the digital economy and secure their financial independence for the future.
As we celebrate Father’s Day, let’s not only honour the fathers who have shaped our lives but also recognize the enduring relevance of their financial wisdom in today’s digital age. By passing down these timeless lessons to the Gen-Z generation, we equip them with the tools and mindset they need to navigate the complexities of money management and secure a brighter financial future for themselves and generations to come.
(The author is executive director and founder, RING. Views expressed are personal and do not reflect the official position or policy of FinancialExpress.com. Reproducing this content without permission is prohibited.)
