I will start by stating financial literacy is very important and determines everyone's future. It doesn't matter if your parents are poor, bastardly rich, or don't even have parents at all. I have seen many people, both rich and poor, without financial literacy, and I know if I were in their position, my life would be different.
I remember growing up, neither my mom nor dad knew what financial literacy was. Or maybe they knew but didn't see it as something important that we children needed to know before growing up.
But at least my mom taught us an aspect of financial literacy that she probably didn't even know she was teaching us.
My mom had this habit when my dad would give her some money to stock the house. And then she would call us, and tell us to get her pen and paper and help her Budget the money.
Then, when she was back from the market, we would calculate the total she spent and save any leftovers from the money for future use.
She did it frequently, and we got used to it and started doing it, too.
Any money we got we would save it with her. Although most of the money we saved with her seemed to disappear.
But still, that little knowledge I got was helpful to me because that is what I started building on.
Just like how I used to save with my mom, and she would end up using the money at a point, I started saving it by myself, at first it was hard because I had access to it, but gradually, I developed self-control, and now I don't even need a bank or whatever to save.
I am really happy that at a young age, I could learn financial literacy because I have seen cases where adults try but find it hard to learn. I guess it is easier and better to learn something at a young age.
When I see old people retired and still with no financial literacy, I am thankful that I could learn it at a young age and would never find myself in any situation like that.
I think the reason why many parents fail to teach their children financial literacy is because they see it as a subject or something, they feel like their children need to learn it at school or the way things are taught at school. But I don't think it is that way at all; you don't even need lessons or pens and books to start teaching children financial literacy.
You can make yourself an example for them and make them slowly build it as a habit. It is now on this habit that they would develop and enhance their financial skills, even by themselves.
Financial literacy is important at every stage/age in life because one doesn't even need to start earning money before having to make financial decisions and having financial regrets.
Financial literacy gives one skills that help in making good financial decisions and avoiding financial mistakes and regrets.