Muscat – With schools closed for summer, financial education experts are encouraging families to use the time to introduce children to money management, savings and entrepreneurship. They believe developing these skills early fosters independence, self-discipline and responsibility.

Raja’a bint Abdullah al Said, a psychologist and behaviour modification specialist, said home is every child’s first financial learning environment. “When children grow up observing parents managing household expenses and planning for specific goals, they begin to adopt the same behaviours through imitation.”

She recommends families start with small steps, such as giving children a regular allowance and guiding them to divide it between saving, spending and sharing. Involving children in minor purchasing decisions can also help develop their critical thinking and budgeting abilities.

Considering the widespread use of digital tools, Raja’a noted that technology can make money management more engaging for children. Apps like Bankaroo and PiggyBot allow children to track their savings and spending in an interactive way. She also suggested activities such as summer savings challenges – where children commit to saving a set amount each week in return for a reward – and maintaining a notebook to record goals and track progress.

“For younger children, even motivational stickers on piggy banks can help turn saving into a habit,” she added.

Falah bin Hassan al Lawati, a family counsellor, stressed the psychological and educational value of giving children pocket money. “This approach builds tr-ust between parents and childr-en, encourages self-reliance, and provides a safe space for children to make financial decisions and face their consequences.”

Lawati said pocket money teaches children to delay gratification and develop patience – skills that remain relevant into adulthood, including in personal relationships. “It also teaches financial planning, decision-making and how to prioritise needs over wants,” he said.

He warned against over-involvement of parents in how children spend their allowance. “If the aim is to build independence, then children must be allowed to make mistakes and learn from them. Excessive interference undermines self-confidence,” he said. Instead, parents should supervise from a distance and use tools such as educational games to teach financial concepts.

Yousef bin Rashid al Mufarji, a financial awareness and literacy trainer, agreed that summer is a valuable period to teach financial life skills. “When children learn to manage their pocket money, they are more likely to make informed financial decisions later in life.” 

Mufarji encouraged parents to communicate with children in age-appropriate language, asking questions like, “What would you like to buy?” and “Are you saving for something?”

He emphasised the importance of developing tools tailored to a child’s age. “At four years old, a coloured box system can work. At eight, children can begin writing down goals. By 12, they can create monthly budgets and track how well they follow them.”

Mufarji noted that teaching children to divide their allowance across categories – savings, donations and leisure – promotes values such as patience, generosity and balance. “Money shouldn’t be seen as just a source of immediate pleasure. It should have purpose.”

He also suggested encouraging simple entrepreneurial activities during the summer break. These could include running a small stall selling sweets or toys during family events, or crafting and selling handmade items. “These activities teach the value of effort and the basics of buying, selling and accounting.”

Mufarji  added that even recycling materials into useful items – such as planting containers or decorated boxes – can be both fun and educational. A personal savings project over the summer, where children save part of their pocket money and earnings towards a goal, can reinforce the link between work and reward.