(BPT) Most kids start learning about money earlier than a lot of people think — and it’s usually from watching their parents.
Three out of five young adults say their parents’ advice or example had the greatest influence over how they handle their finances today, according to findings from a Bank of America/USA TODAY survey. That parental involvement had a big effect on the practice of good financial habits. Of those who say their parents did an “excellent” or “good” job teaching them about money, 74 percent have savings and nearly half make a regular budget.
“Talking to your kids about money and using everyday moments to teach practical lessons is not only important, it works,” said Andrew Plepler, global corporate social responsibility executive at Bank of America. “It’s OK to be repetitive — kids may not always remember everything we say — but this survey shows that they do listen and learn from our example.”
Parents who would like guidance on how to teach kids valuable financial lessons can find help online. The website BetterMoneyHabits.com — a financial education resource by Bank of America and education innovator Khan Academy — offers easy-to-follow videos and tips to help parents teach important financial lessons to children of various stages and ages. [Read more…]
Never too early to teach kids value of money
(BPT) Teaching your kids to be financially savvy could help them to be financially confident and successful in the future. As credit card debt and low retirement savings continue to frustrate many Americans, you can help your kids steer clear of these and other financial pitfalls by talking to them early on about the value of money.
In fact people who have had financial education participate more often in retirement programs, make larger contributions to the programs and have a much higher savings rate than others, according to research from the U.S. Department of the Treasury. [Read more…]