Wednesday 22 November 2017

How to teach your kids about money

When it comes to teaching your own children about money, the secret comes down to imparting two life lessons: delayed gratification and autonomy.
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Straight talk from the money editor
The earlier children learn about money and savings, the better the financial skills they will develop. That foundation will prepare them to properly face financial challenges in adulthood. Teaching kids how to budget, spend and save is critical for their personal development.
It seems like common sense. However, in this country, children are coming up empty when it comes to financial literacy. About 20% of children in the U.S. don't meet baseline levels for financial literacy proficiency, according to industry studies. Mom, dad and schools need to take the time and work with kids, to teach them about dollars and cents.
I hope you all have a peaceful and happy Thanksgiving! (Hint: Don't discuss politics with your family or friends on Thursday.) For more stuff like this, please follow me on Twitter @jimpavia

Jim Pavia
Money Editor
@jimpavia

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