Raising Financially Successful Children
North American Precis Syndicate
It pays to teach your kids about money. A recent study revealed a link between early financial education and future adult income. (NAPS)
(NAPSI)—Good news for parents: You can help your kids learn to do
well. Studies suggest a clear correlation between early education in money
and future financial success.
Financially Educated Children
Become Financially Successful Adults
People who learned about money as children were three times as likely to
have a personal annual income of $75K or higher than those who didn’t,
according to a survey by Quicken, maker of the best-selling personal finance
software in the U.S.
But there’s a problem: One-third of adults surveyed said no one
taught them about money when they were children. Among that group, only 13
percent report a high level of confidence in their finances.
How Does Your Own Upbringing
Influence What You Teach Your Kids?
People who learned about money as children were 20 percent more likely to
prioritize teaching their own kids about money. Those who said no one taught
them about money as a child were twice as likely to
delay talking to their own children about money until age 18 or older.
The top tools—allowance, savings accounts, piggy banks—may not
have changed much, but the lessons have evolved. Today, parents are teaching
their children about charitable giving 60 percent more than their own parents
did, using credit cards as teaching tools almost 50 percent more, and
teaching their kids about investing 85 percent more than the people who
taught them about money.
Money Talk Tips
To help your family discuss finance, try these three ideas:
1. Set an example. If you’re
an example of financial responsibility, your kiddos will be more likely to
2. Use tools. The right tools
can make a big difference. The survey showed that 62 percent of the people
who do not use any personal finance tools also reported a lack of confidence
in their current financial situation.
3. Talk early and often. An
early start and frequent conversations about money can be key
to setting your kids on the path to a healthy financial future.
“People who learned about money
as children were three times as likely to have a personal annual income of
$75K or higher than those who didn’t, according to a survey by Quicken,
maker of the best-selling personal finance software in the U.S. http://bit.ly/2ZQqcR1”
On the Net:North American Precis Syndicate, Inc.(NAPSI)