Through education and encouragement, parents can help provide their children with the skills necessary to make a lifetime of good financial decisions. The majority of children today never receive money management coursework during any level of schooling, including college. Ultimately, most children will eventually become responsible for making their own financial decisions—whether they are ready or not. When education and encouragement are provided early and practiced often, parents can help their children to develop the skills necessary to make a lifetime of good financial decisions.
Key takeaways include:
Setting up allowances
Encouraging savings
Discussing responsible saving
Investing
Giving back