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"Mom, why you need to go to work? Don't go to work, stay at home and play with me." "Dad and mom work to earn money so that we’ll have money to spend!" "Granny doesn't go to work but she has got money to spend too, we can get money from an ATM."

Your children may have asked the above questions, and they may see the ATM as an unlimited source of money. Their understanding of income source may be derived from seeing that their parents will have money if they go to work. They may know little about how money is earned by working, or if there are other means to generate income.

Parents can describe the following examples of some income sources and let their children know that one has to work hard to earn a salary to pay for the household expenses and other items. Therefore, the hard-earned money should be spent with care.

Example of 4 income sources

  1. Pocket money
    Parents give their children pocket money according to their ages and needs.
  2. Remuneration for work
    Adults contribute their time and effort to work and earn salaries to pay for household expenses and other items. The amount of salary will vary depending on the nature and requirements of the work, and also the hours put in.
  3. Financial support by children
    The elderly, such as their grandparents, have savings from their work when they were young, and they also receive money from their children.
  4. Social security
    There are some people in society who are not capable of earning income from work due to some reasons (such as sickness, old age), and they rely on the government for financial support to solve their daily needs.
  5. Others
    Irregular income can come from interests on bank deposits, laisee received by children during Chinese New Year or on their birthdays, or scholarships and school grants, etc.