Financial Decisions

Financial Decisions

In the Financial Decisions section, children learn to use reliable “tools” in order to make the right decisions in relation to the management of their finances, starting with their pocket money. Through critical thinking, understanding basic economic concepts, but also conscious decision-making, they learn how to make choices according to their needs and for which they will not later regret. 

Taking responsibility is a concept which children relate to quite early in life. We ask them to take responsibility for school reading, for the sport they want to practice, and even for tidying up their room. But what responsibility do they have to take when it comes to managing their finances? Children will discover that the answer to this question reveals a great truth. 

In order to become financially responsible, one must live within the limits of one’s capabilities. This means that he will have to spend less than he earns.

Another important skill that children acquire in this section is how to set the right criteria for themselves when it comes to making a decision, taking into account alternatives and consequences they may have. They learn to manage their pocket money and make an expense plan in order to meet their needs, while making sure to save money for a future goal, such as buying a new bicycle.

However, things sometimes don’t go as we had calculated. What if we make a wrong assessment? Through this educational unit, children learn to manage their failed choices. The experience they gain analyzing what went wrong, is a useful asset that leads them closer to understanding and more methodically claiming their future goals. 

Let’s not forget that all our financial choices involve risk, costs, potential benefits and future consequences. That is why through the Woli app we teach our children to set the right criteria, to compare data, to collect all the useful information and to cultivate the necessary skills so that with the right financial decisions they acquire a responsible attitude in their adult life.

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