Training Children in Financial Issues

There is a saying, ‘the world of today is an expression of the world of yesterday and the world of tomorrow is an expression of the world of today.  This is also true in business.

If we analyse the businessmen of today, they were the children of yesterday. Likewise, the children of today will make up the business world of tomorrow.

If we want to Islamise the economy of tomorrow, we need to train our children on Islamic values of Business and Commerce.  Their skills will be inspected and displayed in the economy of tomorrow.

Children sense the power of money from a very very young age.  When we go to the shop, the child asks for sweets or ice cream.  The child observes the father took out a R50 note and secured the ice cream and the sweets.  This happens repeatedly.  The child then realises the power behind the money note.

When we were young, we used to ride bicycles with trailing wheels.  The purpose of the trailing wheels was to help us balance while we concentrate on steering the bicycle.

As parents, we are like the trailing wheels for our children.  While children face various challenges way in life, give them all the necessary support they require for that.

First and foremost, we should be sensitive to Shariah Compliance in our dealings.  Our children observe our dealings and inculcate a value system in them.  When the child observes the father always enquiring from Ulama, is this deal jaa’iz or not, is it permissible or not.  The child will realise, buying and selling is not sufficient.  The deal has to be done in a particular way.  If the parents are always taking interest bearing loans and always discussing about how to pay the bonds, the child hears that, learns that and there is a strong possibility the child will end up doing the same thing.

Secondly, we should monitor the financial dealings of our children.  Do not leave our children free to deal as they want to.  If we give them spending money, enquire from them how they spent the money.  If they are a little elder, and do business deals, enquire from them if they adhered to the laws of Shariah or not. By doing that, we are entrenching an Islamic value in them.

This is indicated in the Quran.  Allah addresses the guardians of orphans who have the wealth of the orphans in their custody.

وَابْتَلُوا الْيَتَامَى حَتَّى إِذَا بَلَغُوا النِّكَاحَ فَإِنْ آنَسْتُمْ مِنْهُمْ رُشْدًا فَادْفَعُوا إِلَيْهِمْ أَمْوَالَهُمْ (سورة النساء)

And test the orphans [in their abilities] until they reach marriageable age. Then if you perceive in them sound judgement, release their property to them.


When the orphan becomes an adult, don’t just hand over their wealth to them.  See if they understand the value of wealth.  See if they are expedient in financial issues, then only hand over the wealth to them.

Teach the child the difference between want and need.  Not every want is not a need.  Show them how they can stay away from certain things and how they can save money.  It is the difference between want and need that put many people into financial constraints.  They cannot exercise restraint and go beyond needs to fulfil their wants.  That is when they put themselves in a financial difficulty.

Teach the child to earn money to become self-sufficient and to avoid a dependency syndrome.  This does not mean you take your child out from school or madrasah to earn money.

Education is important.  That should not be compromised.  However, during weekends or holidays, the child can work in a shop to earn money or direct responsibilities to the child and pay the child.

If you have a garden or pool in the house, make the child clean the garden or clean the pool and pay the child.

In this way, you are training the child to work to earn money.  The child will now value the money and realise how much effort was put to earn the money.

The child will also realise all the bounties and favours of the father on the child.  How hard has my father must have worked to earn his money and buy me clothing, shoe etc.

Many parents give children spending money.  At times the amount is shocking.  This is spoiling the child and creating a dependency syndrome in the child.  The child gets addicted to receiving money. This is detrimental to the child.  Tomorrow this same child will be a husband.  What if that giving hand is no more there.  How is he going to support his wife.  What if he is a father, how will he support his children? That dependency syndrome will lead him to taking loans or even stealing.  To avoid al that, rather train the child to earn money. That is better for the child’s future.

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