It is no secret that casual conversations about money are awkward, especially when thought of having to engage children emerges. Reflecting upon my first conversations with my parents about finance, I recall how confident, yet cautious, they were in their discussions. Candid and transparent, they even went as far as showing me their paystubs – explaining the intricacies of their paycheck regarding gross and net amounts, Medicaid, and the federal taxes withdrawn. Likewise, they articulated how funds were dispersed throughout our household. While this proved to be successful in my early comprehensions of finance, every family and their approach(es) to finance are/will be unique.
Furthermore, because it is never too early to learn coveted savings tips and tricks, financial institutions are leading the charge in providing families with opportunities to jumpstart their offspring’s journey to saving. One financial institution, for example, is Capital One. Capital One’s Kids Savings Account provides the following to customers: no minimum deposit, no monthly service charge, an annual percentage yield (APY) of .75%, and is FDIC-insured. Should this be appealing, research away! However, should one still be on the fence about introducing their child, or children, to the concepts of finance at an early age, take a look at another Wise Bread chat I participated in on May 30, 2019: Q1: At what age do you think kids should start learning about finances? WW: From the ages of 3-7, most children are learning mathematical concepts such as addition and subtraction. As a result, these years may be the prime years for identifying what coins are, and their value, as well as coin counting. #WBChat #afinlitfuture Q2: Why is teaching kids about finances important? WW: Children are a part of this capitalist system; therefore, it is important that they have an early understanding of what finance is. Moreover, I stress early learning about how banks work given that many children will accompany their families to a few! #WBChat #afinlitfuture Q3: Should financial education start at home? WW: Sure! However, let us not forget that in order for proper information to disseminated to children, the adults in their lives must have an adequate financial education. Without one, the cycle of misinformation and misinformed/misguided decisions will continue. #WBChat #afinlitfuture Q4: What are some tools parents can use to teach their kids about finance? WW: My answer mirrors many answers throughout this thread, which includes playing the board game Monopoly (which I love). Additionally, have your child utilize mason jars to store coins. Once their jars are full, assist them in deciding how they would like to save their change. #WBChat #afinlitfuture Q5: What can parents do to help their kids practice good financial decision-making? WW: Engage in healthy financial decision making so that these behaviors are ultimately mirrored by children. For example: creating, and sticking to, a budget is one of many ways for children to see how expenses are tracked and where possible financial dieting should occur. #WBChat #afinlitfuture Q6: Is it ever too late to start teaching kids about finance? WW: It is NEVER too late for anyone to learn financial techniques applicable for daily life. We (should) know the effects of capitalism and financial illiteracy (often a result of corrupt capitalism) and as educators we must ensure that our teaching are not only practical, but best fit the needs of those seeking our help. #WBChat #afinlitfuture Q7: What topics do you think high school personal finance classes should discuss? WW: Interest rates, credit (the pros and cons), investing, retirement (the various types of retirement funds as well), savings, stocks (bonds, mutual funds, etc.), taxation, and of course system economic oppression (to name a few). #WBChat #afinlitfuture Q8: Do you think college loan debt is impacting the push for improved financial education? WW: I think the recent, and continual, rise in college loan debt has heightened the need to discuss loans (both unsubsidized and unsubsidized) further as well as the effects of improper guidance as families navigate the financial aid application process. #WBChat #afinlitfuture Q9: Are there any events parents can attend to learn more about financial education for kids? WW: There are a plethora of workshops in and around New York State, which can be found on Eventbrite. I, too, personally hold a few workshops in the Bronx and would love to learn more about what other New York City educators are doing! #WBChat #afinlitfuture
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WhitneyEducation enthusiast whose mission it is to see Financial Literacy receive well-deserved shine. Archives
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