Grandparents love their grandkids, and they share a special bond that can even make their parents jealous. Grandkids listen to their grandparents as they offer judgement-free advice. This opens up a window for grandparents to educate their grandkids about money. 

Having the right financial skills can act as an arsenal for children. As traditional schools don’t prioritise financial education, it is essential for family members to instil financial discipline.  

While the responsibility to impart financial lessons falls on the parents, grandparents can help to solidify these lessons by sharing their experiences with money. Instead of only sharing their success stories, grandparents can share their failures and mistakes and how they recovered. These experiences will encourage kids to take risks and learn from their mistakes.  

Here are some lessons that you can teach your grandkids to make them financially responsible adults.  

Delay gratification (Ages 3-8)

In the current scenario, learning to delay pleasure has become an essential life skill. Inculcating delayed gratification may not be easy, but it is crucial to be a financially responsible adult.     

As a grandparent, you may get swayed by their innocent looks or pleading eyes. However, instead of giving them what they want, you could provide them with a piggy bank to save money? You may tell them the price of the item and help them calculate the amount saved.  

Hard work is essential (Ages 8-14)

Hard work has its place, and your grandkids need to understand the importance of hard work. Depending on your grandkid’s age, you can assign them chores such as chopping vegetables, cleaning the kitchen or garage and pay them. This will help your grandkids to understand the relation between hard work and reward.  

Saving money (Ages 10+)

The earlier your grandkids save, the better it is. Please encourage them to save money from their allowances or cash received from other family members on birthdays and other occasions. To nudge your grandkids to save money, you can give the example of an expensive purchase that they have been eyeing for quite some time.   

If you want to save money for the higher education of your grandkids, you can invest in mutual funds in the name of your grandchildren. Their parents need to sign the form and your grandkid should have a bank account to complete the process. 

Building an entrepreneurial mindset (Ages 10+)

Your grandkids can benefit in different segments of their life by cultivating an entrepreneurial mindset. You can give them the confidence to take up projects without worrying too much about the result. Inspire them to work on their idea and to keep adjusting as they move forward. Help your grandkids with money but don’t micromanage their work. 

Make a revenue-sharing deal or ask them to reimburse your money. The partnership will help your grandkids understand an organisation’s basic working and make them more confident. 

Paying yourself first (Ages 17+)

Adult life can be messy. As your grandkid becomes an adult, you can teach them about the importance of paying themselves first. If your grandkid is working part time along with their studies, encourage them to save at least 10% of their income. You can help them understand the importance of paying themselves first. It will become easy for them as adults to pay themselves first even when liabilities surround them.  


Most children are very comfortable around their grandparents. Hence, as a grandparent, you can help your grandkid cultivate several good money habits in a very non-intimidating manner.

5 Simple Ways Grandparents Can Raise Financially Savvy Grandkids

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Why do we use it? It is a long-established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using ‘Content here, content here, making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem Ipsum will uncover many websites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose (injected humour and the like).

Where does it come from? Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de Finibus Bonorum et Malorum” (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line in section 1.10.32.

The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from “de Finibus Bonorum et Malorum” by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.

No posts found!