Helping parents teach kids about money
Vince Shorb
The National Financial Educators Council
- Part 1 Helping parents teach kids about money
- Part 2The best time to teach kids financial literacy
Show Notes
-
00:50The importance of financial literacy for childrenFinancial literacy is vital, given the impact of advertising and social media on consumer behavior from a young age. Without adequate education, children learn about personal finance through costly mistakes, which can have long-term repercussions on their financial well-being.
-
03:05Educating children about advertisingBefore the age of eight, children can't discern between commercial and noncommercial content. By discussing ads together in a fun and engaging way, parents can help their kids logically evaluate advertisements and maintain a healthy self-esteem.
-
04:41The state of financial education in schoolsMost US states lack comprehensive finance education, with half offering none and others providing it at a low level. This leaves parents with the crucial task of ensuring their children gain practical money management skills at home to navigate financial challenges effectively.
-
06:08Teaching kids about money managementParents can incorporate daily teachable moments like explaining shopping choices or comparing utility bills as a family challenge. Parents can implement a chore system that allows children to earn and manage their own money, instilling good financial habits from an early age.
-
09:18Teaching financial literacy and life skills to childrenFor younger children, focus on shaping habits and allowing exploration, like starting a business. For teenagers, prepare them for near-term challenges such as college decisions and budgeting, while teaching practical life skills like resume writing and interviewing to ensure they become self-sufficient adults.
-
13:24Experiential financial education for kidsEngaging in activities like budget simulations with a fixed income helps kids understand the value of money and develop respect for their parents' hard work. These experiences foster a deeper appreciation for the financial responsibilities of adulthood and the sacrifices parents make.
Quotes
-
"Parents, it's your responsibility to ensure your kids know about money. They can practice things at home so when they move out on their own, they have the knowledge and confidence to make better decisions." - Vince Shorb
-
"I'm always shocked that we send kids to school for 12 years and they don't have a resume, know how to interview, or shake hands. These things are all critical instead of just throwing people out on their own." - Vince Shorb
-
"Engage kids in real-life money activities to show the cost of living." - Vince Shorb
-
"The most valuable thing parents can do is implement a chore system. Children are contributing to household expenses from an early age, saving money, and we're empowering them to make their own money decisions." - Vince Shorb
-
"Before eight years old, kids can't tell between commercial and non-commercial content. Its important that parents sit down with kids, and have that conversation to help them logically evaluate ads and keep their esteem up." - Vince Shorb
- Part 1 Helping parents teach kids about money
- Part 2The best time to teach kids financial literacy
Up Next:
-
Part 1Helping parents teach kids about money
Vince Shorb, Founder and CEO of The National Financial Educators Council, delves into the importance of early financial literacy education. Understanding the fundamentals of money management is crucial for personal and professional success. However, half of the states across the US do not teach personal finance in school. This lack of education places the responsibility on parents to teach children financial responsibility and how to plan for their future. Today, Vince discusses helping parents teach kids about money.
-
Part 2The best time to teach kids financial literacy
Vince Shorb, Founder and CEO of The National Financial Educators Council, delves into the importance of early financial literacy education. Financial literacy is a vital skill that empowers individuals to make informed decisions about money management, investments, and future planning. Educating children on financial literacy early allows them to develop a solid understanding of financial concepts and good money habits as they grow older. Today, Vince discusses the best time to teach kids financial literacy.
Play Podcast
