Teaching Kids About Money
As a followup to my recent post on our allowance system, I thought I’d post a link to a report from Montana State University on . It’s nearly two years old, but it’s short and worth a read. According to the article, only 7% of parents think that their kids understand financial matters (however that’s defined) and 30% of kids report that their parents never discuss saving and investing with them. They go on to suggest some good topics to discuss with your kids, including how and why your family saves as well as the difference between wants and needs. They also link to a on teaching children (and adults) how to save. It’s definitely worth checking out.
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I am also the author of a personal finance blog and recently posted an article on 10 Ways to Raise Money-Savvy kids. You can find the article here:
Comment by — Mar 6th 2006 @ 9:48 amYou might enjoy it.
I’m checking this out for an 8 year old I know. He has better money sense than his mother, much better. Maybe he should read it to her, ha.
This is my first month with the Carnival of the Capitalists and I’m a little overwhelmed. So many good posts and so little time.
Comment by — Mar 6th 2006 @ 5:12 pmThere is a site helps families put together a savings plan and sets them up with one of those online savings accounts:
Some of my friends who have kids have been a fan of it for a bit now.
Comment by Amanda — Mar 11th 2006 @ 5:59 pm