PEOPLE who as children squandered their Christmas
money on faddish toys have grown up to be uncharitable adults, a
The survey of 1250 adults, by Money-Ed-Box financial education
company, showed almost 40 per cent considered themselves poor to
average money-handlers, with out of control credit cards that would
not be paid off until well into 2007.
Money-Ed-Box head Greg Smith said 71 per cent of poor to average
money-handlers were not taught the value of money as children
because they got a lump sum at Christmas time and blew it on the
The survey also showed 68 per cent of those people would not donate
time or money to charitable causes over the holiday season, in stark
contrast to more than half of the good to excellent money-handling
adults committed to helping the less fortunate at Christmas.
Of the good to excellent money-handlers, one in 10 frittered away
their money on the latest fad and 90 per cent saved for their
Mr Smith said parents needed to take control and set dollar limits
to teach children good money skills to ensure they could look after
"Financial literacy is one of the most important issues a parent can
teach a child, notwithstanding the ability to be disciplined and
appreciate what money can or can not do," he said.
The company sells products to teach financial management and has
launched a new generation Money-Ed-Box moneybox, made up of four
separate compartments to teach children essential budgeting and
money allocation skills - giving, living, saving and `wealthing'.