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Summer break: a time to teach your children financial literacy

  • Категория: News

The young generation is capable of changing trends and bringing innovations, but very little attention is paid to money lessons at school. According to a survey conducted two years ago, some 66% of Americans did not acquire financial literacy. Meanwhile, the money mistakes and financial lessons learned as a child deliver to the wealth prospects in the future.

Cambridge scientists claim that kids form their money habits during the seventh year of life. Yet only 13% of youngsters know anything about personal finance, according to another study, and each third teenager would like to learn about budgeting and money saving. If your child is curious about financial planning, then below are some important lessons to teach during the summer break.

Get rid of plastic cards. Children must learn that a credit card does no magic. If constantly borrow more than one can repay, major financial problems will occur soon. Credit card must be a source of emergency money rather than a tool for frivolous purchases.

Money can be earned at any age. Some parents provide children with an allowance for the household chores. This approach is controversial, as others believe that helping about the house is a part of the compulsory routine so children must earn money by doing the odd jobs, i.e. deliver newspapers or work as dog sitters etc. In any case, every earned note teaches to be persistent and to value the money.

Introduce a saving habit in a family. Explain the importance of putting away some money, not only for a new device but also for a rainy day as well.

Discuss your financial matters with children. Share your ideas on spending, saving, and future purchases. Say a few words about taxes and insurance. The earlier your child starts exercising financial planning, the more successful entrepreneur he or she might soon become.

Source: albawaba.com

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