Kids aren’t born with pre-set financial habits. They acquire saving and money management skills over the years. Kids will learn by observing their parents. However, this may not be enough. Parents have the opportunity to teach children good money habits starting at a young age.
Talking about money and involving kids can make a big difference. The skills children learn will shape their financial behavior for the rest of their lives.
According to the Media Research Center, “Only 20 percent of Americans are free from any form of debt. The most common variety is mortgage debt (44 percent), followed by unpaid credit card balances (39 percent), car loans (37 percent), and student loans (21 percent).”
With adults in deep debt, it’s clear that kids can benefit from learning money management skills early on. The infographic below provides an age-appropriate guide regarding how to help kids develop these skills. Though some of the descriptions list examples in British pounds instead of the American dollar, the concepts the infographic are conveying is transferable and universal.
It’s never too late to teach smart financial skills to kids. Start with these tips today.
6 Money Concepts to Teach Your Kids
Source: On Stride Financial