SPRINGFIELD, Mo – A recent survey conducted by GOBankingRates.com found more than one in four Americans have never talked about money with their parents. How can you remedy the communication breakdown and teach your kids about money?
Local financial professional Brad Pistole from Trinity Insurance & Financial Services has a guide to help your kids become financially literate.
Ages 0-5: Use Money During Playtime
- Kids love pretending! Use their imagination to incorporate the exchange of money by playing pretend in a “restaurant” or “store.”
Elementary School: Find Games With Financial Lessons
- Games like Monopoly and the Game of Life can teach important financial concepts and your family can make fun memories together.
Middle School: Begin Conversations About Money Practices
- As your kids get old enough to have part-time jobs, make sure to explain the importance of saving, spending and giving.
High School: Prepare Them For Independence
- Before your kids enter adulthood, help them create a checking and savings account.
- To help them start off on the right foot, make sure they understand how to create a healthy budget.
Model Good Habits At All Ages
- Your children will learn a lot by simply watching you. Set a good example by saving for the future, paying bills on time and using a budget to make wise financial decisions.