Letting family travel become the best financial education lesson for children
Flora Chen
Co-founder of Family Wealth Education with Pigs
Certified Children’s Wealth Mentor
The meaning of “travel” varies for each individual. A wonderful trip can provide an escape from the hustle and bustle, offering relaxation for the mind and space for contemplation.
Recently, my newly promoted elementary school daughter noticed many of her classmates embarking on family trips during the school holidays. Being a devoted fan of “Harry Potter,” she enthusiastically suggested a family trip to Osaka, Japan during the Christmas break, as she was eager to visit the “Harry Potter” themed park there.
Many parents have the rich experience of being the mastermind behind planning the itinerary and budget. Naturally, the children become the “travel companions,” enjoying everything arranged by the “mom and dad tour guides.”
Life is a series of choices, and so is financial management. As a mother, I seized the opportunity to have a conversation with my daughter, helping her understand that travel is a “want” rather than a “need,” and a great opportunity to learn gratitude. Parents show their love by wanting their children to have enriching life experiences, willingly investing out of love rather than obligation.
But how do we combine “financial education” with “travel”? During our conversation, my daughter took the initiative to assist in planning the essential aspects of our family trip, treating it as her first “Big Project”:
☘️ Travel budget
☘️ Destination
☘️ Foreign exchange rates
☘️ Searching and comparing flight prices
☘️ Hotel prices and comparisons
☘️ Theme park ticket discounts
☘️ Transportation arrangements
During the process, my daughter discovered that departing during peak travel seasons meant flight prices were 40% higher than usual! The difference in prices between fast passes and regular tickets at the theme park was significant, and her recent learning of percentages in school was put to good use in this travel planning. I also took the opportunity to discuss with her the concept of Japanese yen exchange rates and currency appreciation and depreciation.
Gratefully, she realized the benefits of “delayed consumption and delayed enjoyment,” suggesting we don’t rush the Christmas trip, as waiting might lead to lower ticket prices and savings. This year, my daughter, now in elementary school, has also started helping with monthly accounting for our family’s daily expenses. As a member of the family, she volunteered to set aside a portion of her savings with interest to purchase tickets to the theme park. I believe many parents are delighted to see their children embody the true essence of financial education as they grow. I look forward to my daughter sharing her first complete “Big Project – Chen Family Travel Plan and Budget.”
Family trips bring joy and anticipation to both parents and children alike. When children participate in the overall itinerary planning guided by their parents, incorporating financial concepts into their lives, unexpected rewards await.
