EDITOR: All of us need to learn the skill of “handling money.” At what stage do we begin?

How can we be responsible? Is Preschool too early? Who manages our money as we age and become childlike again? How are we held responsible when we manage money belonging to others? What is the effect of free money? How do we manage without a reliable source of income? How do we bring our lifestyle in line with our budget?

An eight-year old was given $3 to pay for transport ($2) and lunch ($1). He bought sweets, then walked to and from school and ate nothing for lunch, being satisfied with “PLAY” during the lunch hour. He was late for the morning session. Having demonstrated fiscal irresponsibility with $3, his budget was increased to $8 ($5 for lunch for the week, and $3 for transport and “break” for the day. He bought balloons and sweets, paid $2 for lunch, and walked to and from school. The desired intention of the budget, needless to say was not met as an audit revealed.

A twelve-year old was given $30 to manage. She spent all in one day. In my Tuck Shop managing years, females had more spending money than males. The source of income being questionable, we need to guard against grooming by older men preying on the innocent. Without self-discipline in money-management, their lives can be ruined in our increasingly transactional society.

A college student with no reliable source of income spends $10 per day on lunch.

Such extravagance is unsustainable. A heavy breakfast at home in the morning and a penny-bread sandwich for lunch can help to bring the budget in line. A lunch kit with available fruit, and drink from the subsistent home garden may not be fashionable but necessary.

As adults we have developed a culture of “Eating Out” every day, and dressing in the latest fashion, putting our lifestyle beyond our budget. Those in charge of managing other people’s money who sit on boards and in governance think that they can make decisions with impunity. They will however someday be personally held to account.

Whether it is the country’s budget or the investment portfolio of a statutory body, the Pension Fund, or the International Airport, they must all stand up to scrutiny of the Auditor. Each one of us is accountable for how we “handle” money. Unlike children, we should demonstrate some level of fiscal maturity by being responsible and accountable.

Anthony G. Stewart, PhD