Orlando, Fla. (Ivanhoe Newswire) — Learning how to manage money is an essential life skill. But according to a 2023 Edward Jones survey, 80 percent of respondents said they never learned financial skills in school. So how can parents step in?
You want your kids to be smart about money, but stats show nearly three out of four teens don’t feel confident about their financial education.
Experts say if you want financially savvy kids, talk about money frequently and early. Studies show many financial habits are already set by age seven. Show them your household budget, so they can see how much things cost. By the time they’re a teenager, set them up with a simple bank account. Teach them the difference between a credit and debit card. One study showed 32 percent of teens don’t know the difference. And discuss long-term investing and saving for retirement.
Some apps can also help kids learn how to manage money. Bankaroo works like a virtual bank for kids ages six to eight, helping them manage their money and set financial goals. GoHenry allows you to assign chores for your kids and pay them upon completion. EveryDollar is a good app for teens. It helps them create an income budget with ways to help your kids become financially responsible adults.
A recent poll found that four out of five parents said they wished they learned more about money as a kid. And now, parents may be getting a little help. Many high schools and colleges are offering classes in finance to help kids better prepare for their futures.
Contributors to this news report include: Julie Marks, Producer; Bob Walko, Editor
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Sources:
https://www.choosefifoundation.org/blog/scary%20financial%20literacy%20statistics
https://www.choosefifoundation.org/blog/scary%20financial%20literacy%20statistics
