Kids must be taught the value of money

Yueqianzu, or people who are in debt at the end of every month, has edged out yueguangzu, or people who spend all their income by the end of every month, as the new buzzword. Unfortunately, neither group knows how to handle money well, and that reflects the lack of financial education in China.

Some children reportedly received up to $3,000 as gift money during Spring Festival. But instead of helping their children properly manage the gift money, an overwhelming majority (about 80 percent according to a survey) of Chinese parents decided to use the money in their own way, which shows that they don't know how to cultivate financial quotient (FQ) among their wards.

Chinese people have a long history of managing money, and managing it well. Shells were introduced in China way back in Xia Dynasty (c. 21st century - 16th century BC). But the wisdom of our ancestors seems to have been lost on today's society. No wonder, China's existing current financial system and wealth management theories have been borrowed from foreign countries.