— This article was originally published in Straits Times, Singapore.
Most parents aspire that their children achieve more than they did. One such area should be better money management.
But how do parents ensure their kids turn out smarter in money management than they are? After all, many parents of our generation are found lacking in money management skills, while most schools do not teach basic money management either.
Banks still have to deal with the consequences of their excesses, which brought on the financial crisis. Their reputation is in tatters, fines are slapped on them almost daily and regulation controls almost their every step.
But their plight doesn’t stop here. The biggest challenge they’re facing is slowly becoming obvious – and it could change the industry forever.