Parents play an important role in our social development, mental well-being, career choices and especially our financial development.
Our first introduction to money has influence on our thoughts and ultimately our relationship and value of money. Statistics report that 67% percent of adults are not financially literate. Many Americans do not possess the ability to understand and properly apply financial management skills.
In many instances and experiences, what we saw our parents go through and/ or the conversations that we overheard about money growing up determined our behavior towards money, unless we sought to learn or do differently.
It’s Important to Teach Children About Money Sooner Than Later!
Although there are many parents that are not financially literate to the point where they are financially free, it’s important to get the resources necessary to teach children financial basics. Many parents wait to have conversations about money or teach their child money basics like opening a bank account or balancing a checkbook until the child is of work age or off to college .
However, these money basics can be introduced to children by the time basic math principles like addition, subtraction , multiplication and division are introduced at school. This will also introduce the concept of reviewing not only bank statements but other financial documents as well, which can be intimidating to adults who were never exposed as children.
So, if you have school-age children, start teaching them about money basics.
I Was Recently Mentioned In A HuffPost.com Article!
I’m excited to share that I was recently quoted in a Huff Post Article, “12 Money Mistakes You’re Teaching Your Kids”. You can find my contribution in item #10 Click here to read now!