It's never too early

You're never too young to start learning about money and how to manage it. Four years ago, Nancy Phillips was looking for something to help teach her 5-year-old daughter how to distinguish between things she wants and things that she needs. For parents who have experienced “the horror” of shopping with young children, it was no easy task. After realizing there was next to nothing about the subject in children's literature, she decided to take the matter into her own hands. Meet the Zela Wela kids — a group of spunky youngsters who learn valuable lessons about money, setting goals and establishing priorities around how to use their financial resources. Ms. Phillips's series of illustrated children's books are written for kids between 5 and 9. “My mission is to increase the financial literacy of children worldwide,” Ms. Phillips said. “If kids can learn self-control at an early age, they'll be able to make better decisions later in life.” The first subjects for the series include situations where the children learn about money, how to distinguish between needs and wants, and how to become entrepreneurs. Ms. Phillips' latest title is “The Zela Wela Kids Build a Bank” (AuthorHouse, 2010). She doesn't write about taking in deposits and making loans, but learning the difference between saving, spending, giving and investing money. The book also introduces interest and percentages, which are difficult concepts even for many teenagers. Ms. Phillips said she's receiving a lot of interest from schools and libraries both in British Columbia, where she lives, and increasingly in the United States. The books are available on Amazon.com. Financial advisers are interested, too, she said. One adviser friend recommended the book to a client, who suggested that the adviser give it to every client he has with young children. Ms. Phillips is in the process of working with adviser organizations to distribute the books.