BANGALORE: Values are taught to children at a very young age so they grow up with good personalities. As parents, it is also your duty to teach children the value of money so that they make wise decisions in times of emergency and also carry that wisdom to their adult life. Money is not the only important thing, but is essential for a safe and secured life. Banking terminologies and operations are a little to tricky to understand even to the adults, therefore it is always wise to familiarize children with the uses and transactions of banks.

We often see Government and Non Governmental organizations constantly striving to spread awareness about banking and its facilities to the illiterate and the vulnerable sections of the society. Unless someone teaches it, one cannot learn to save money for a better tomorrow, because saving is a habit, which is inculcated over time.

With an aim to make people aware about banking, Yahoo has compiled five essential functions of banks, which are necessary for children to know:

Lesson 1: Teach Them the Value of Money:

Children have to be made aware that all their basic necessities from a toothbrush to their school fees require money, which is hard earned. They must realize at a young age that money is earned after putting in mental and physical efforts. As parents, you might not wish to expose your children to the difficulties of earning money in order to make them feel secure, but it is important that they know your hardships.

Give them tips for doing hard tasks and gift them a kitty bank to save all their tips and gifts from elders. Once they reach the right age, open a bank account for them.

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