I read with fear the local children and teens appear to be nonchalent of the current economic crisis. Comments like “I do not believe my parents spend more than $100 on groceries” to “I am not saving” should sound the alarm bells in parents.

Much as adults embroil themselves in a battle to ensure food is served, I believe it is time to take stock of the complacency of our younger generation. It is very worrying to know our next generation will be growing up without much savings. Part of the currenct economic crunch can be traced to the insatiable appetite for loans from our once free-spending friends in America.Savings rate have steadily declined over the past3 decades and banks formulate exotic loans in bid meet the demands for loans.

This all came apart when borrowers started to default on their debts. Are we going to face the same problem in future? I am particularly puzzled with the child who did not believe groceries cost more than $100. With no concept of savings, many will find it hard to start the wealth accumulation process or weather those rainy days. With no inkling of the real world costs of daily necessities, I believe many of our children are too sheltered to face the world then they grow up.

Parents can seriously consider allow teens to work part-time during their holidays. Not only does it allow their child to earn some money, it gives them a good exposure to the real world beyond the protected zones of home and school. By experiencing first hand how dad and mum earn their money, hopefully they can cultivate sound financial sense early. This should go a long way in building a strong foundation for their future.