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Prudential Pensions Management

WISE Kid

Introduction

Give your child a head-start by investing in them. WISE Kid is a simple way to invest for your children who are under the age of 20. It allows you to open a joint investment account with your child from as low as ZMW500 which is ZMW125 per week.

At Prudential, we believe that teaching children good money habits is no different from teaching healthy eating habits or good manners. The earlier the children understand that money is earned and not just assumed, the faster they’ll begin to appreciate its value. And children who learn about money early will likely have healthier financial habits later in life, when it counts even more.

Apart from the usual discussion between children and parents where the parent is explaining to a child why they cannot buy what a child wants, many parents do not talk to their children about money. Like discussing where babies come from, talking to our children about money can be an overwhelming task. But it’s one you need to take on as a parent and Prudential would like to walk that journey with you.

How does the WISE Kid Investment Fund work? The WISE Kid Investment Fund allows your child to do “some” Work for you, then you pay them for the work they have done to Invest Steadily and then Enjoy (WISE) after the maturity of the investment.

    Why a WISE Kid?

    1. You earn money by working hard – you will be teaching our children that working for a living is a necessary life skill, much as bathing and brushing teeth. Children need to learn that the reason their parents can give them the things they need (and want) is because they work hard to earn money. Parents should begin this process by sitting with their kids and creating age-appropriate household chores so they can experience the same rewards for their hard work. This will go a long way in their understanding that life is not something that is handed to you on a silver plate, especially if you don’t have the money to buy the silver plate.

    2. There’s more to money than spending – through investing in this Fund and allowing your children participate in the programs that are organized by Prudential for the children, you will have a tremendous influence over your children, and not just by the words you use. Children love to do what their parents do to feel like a grown-up. But sometimes, actions speak louder than words, especially when it comes to spending money. From a very young age, children see parents spend money on everything from groceries to electronics to clothing and more. Most items are necessary while some are just nice-to-haves. To a child, however, there is no distinguishable difference. By investing in the WISE Kid Investment Fund, it will help you demonstrate all the roles money plays in life such as saving, sharing and investing; not just spending. Allowing children to experience all aspects of how money works will ensure they have a good understanding of money once they begin to earn their own.

    3. Make good spending choices by understanding the difference between “wants” and “needs” – If given a choice of how to spend money, most children will choose a “want” over a “need” any day. It’s not entirely their fault as like some adults, it’s how they’re wired. While the role of a parent is to guide their child into adulthood, children must be able to make their own choices in life (good and bad), and this includes how they spend money. If not, they’ll never learn from mistakes. If you take the time to help your child understand the difference between a “want” and a “need” they will be the first to realize if they made a frivolous choice or not. If they’re not certain, use this time to talk about the pros and cons of making spending choices and encourage them to use their common sense.

What are the benefits of joining the WISE Kid Investment Fund?

1. Makes Money Habits feel Natural - Starting early is the best way to make good money habits feel as natural as tying shoelaces with WISE! 2. Creates an avenue for teaching - Investing together with your child can start important conversations about money, break taboos and even help you fill those knowledge gaps. 3. Easy to invest - Invest as low as ZMW125 per week. 4. Easy to track – You and the child can keep track of your child’s investment account via our online platform. 5. Help Save for Future Goals – Before you start saving for your child’s future, it is important to calculate how much the future expense will be and save to accumulate funds to meet that future financial goal like your child’s marriage, education, and other expenses during the various stages of their lives. 6. Avoid your child starting their working life with a government education loan – The government now deducts from all those that it extended university sponsorship to. You can avoid your child being under the pressure of paying back a loan when they start work by saving for their education. 7. Personal Development & Care – Investing in this Fund and making your child to know that they have to work to earn money will teach them self-awareness. Self-awareness and wellbeing are important traits of the most successful people in the world. In a world where your child will end up away from the family for a long time or enroll in universities where they may have to work as they do school, money handling and self-care skills will be handy.

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