Financial Goals: Setting, Importance and Application for Children

This assignment delves into the realm of financial goals, emphasizing their significance and practical applications, particularly for children. It explores the importance of setting financial goals, the value of money, and how these concepts intertwine to shape financial literacy. The assignment investigates the benefits of financial goals, such as instilling a sense of security and promoting informed decision-making. It also offers insights into how children can learn to appreciate the value of money and develop effective saving habits. Moreover, the assignment provides a comprehensive overview of the role of financial planning, and offers practical advice on how parents can guide their children towards financial responsibility. References to academic sources are also provided to support the concepts discussed.

Setting of
Financial Goals
NAME OF THE STUDENT
NAME OF THE UNIVERSITY
AUTHOR NOTE

Financial Goals
 Financial goals refer to targets
that is driven by the financial
need of a person
 It can prove to be useful for a
person

Importance of
setting Financial
Goals for Children
 It can help children in
understanding implications of
savings
 It can help them in attaining
financial security that can
provide them with mental peace

Value of money
 Value of money is indicative of
quantity of goods which can be
exchanged for one unit of the
money
 It refers to purchasing power of a
person

Financial Goals
and the Value
of Money
 It can help children in
understanding the manner of
spending
 It can teach children how money
can best be utilised for leading a
contented life

Method of Teaching
Children about
Financial Goals
 Parents can be the role models
that can training the children
regarding financial goals
 Parents can take recourse to
everyday situation which can aid
the children in learning regarding
value of the money

Effect of financial
goals for Children
 It can help the children in making
the plans
 It can make children more
cautious pertaining to their
decisions

References
 Agarwal, Sumit, et al. "Financial literacy and financial planning: Evidence from
India." Journal of Housing Economics27 (2015): 4-21.
 De Bock, Dirk, et al. "Inclusion of Financial Literacy Goals in Secondary School Curricula:
Role of Financial Mathematics." MEDITERRANEAN JOURNAL (2019): 33.
 Drever, Anita I., et al. "Foundations of financial well‐being: Insights into the role of
executive function, financial socialization, and experience‐based learning in childhood
and youth." Journal of Consumer Affairs 49.1 (2015): 13-38.
 Lee, Jae Min, and Sherman D. Hanna. "Savings goals and saving behavior from a
perspective of Maslow's hierarchy of needs." Journal of Financial Counseling and
Planning 26.2 (2015).
 Nathanson, Michael J., et al. "Achieving Financial Independence: Goals-Based
Planning." Personal Financial Planning for Executives and Entrepreneurs. Palgrave
Macmillan, Cham, 2018. 63-78.
 Nathanson, Michael J., et al. "The Goals of Executive Financial Planning: Peace of Mind
and the Five Pillars." Personal Financial Planning for Executives and Entrepreneurs.
Palgrave Macmillan, Cham, 2018. 7-14.

Thank You!!!