Neelam Rahim | neelam@radioislam.co.za

3-minute read
29 July 2024 | 15:28 CAT

Image/ Sowetan LIVE

As parents, we play a crucial role in shaping our children’s financial habits. We often put away our kid’s money and some savings for them where and when we can. But how do we navigate this, and how do we teach our children about saving and investing for the future? This responsibility empowers us to guide our children towards a financially secure future.

Radio Islam International spoke to Hamzah Saley, a seasoned Financial Advisor at Envestpro, to shed light on this crucial topic.

Emphasizing the importance of saving from a young age, Saley said, “if we are living to spend for now, then we are destroying the future. As we start young you have a better chance of having more of an indepth amount build up saving from young.”

Saley points out the most common mistakes parents make when planning and managing savings for their children.

He cautioned against the common mistake of advising children to save money by ‘keeping it under the mattress’. He stressed that this approach does not allow money to grow. Instead, he encouraged the audience to consider investing, as it offers the potential to increase the value of money over time.

He advised young adults to start saving and accumulate funds to suffice for retirement.

He reiterated the importance of starting to save for retirement at a young age, as unforeseen circumstances can arise in the future. The earlier one starts, the more time their money has to grow and accumulate for retirement.

When you’re young, saving money can seem like an impossible task. It’s easy to see your paycheck as a way to get by month to month, not a way to prepare for the future and save for financial difficulties. But putting just a little money aside each month can make a difference.

Listen to the full interview on Sabahul Mulsim with Moulana Habib Bobat here.