Raising Financially Successful Children

Friday, March 1, 2019

(NAPSA)—Good news for par- Reportedincomevs arlyFrandlEducaton ents: You canhelp your kids learn to do well. Studies suggest a clear correlation between early education in money and future financialsuccess. Financially Educated Children BecomeFinancially Successful Adults People who learned about money as children were three timesaslikely to havea personal annual income of $75K or higher than those whodidn't, accord- pons” ri ceri ingtoa survey by Quicken, makerofthe best-selling personalfinance software in It pays to teach your kids about money. A recentstudy revealed a link betweenearly financial educaion andfuture adult incom about money when they were children. did, usingcredit cardsas teaching tools almost 50 percent more, andteaching their kids about investing 85 percent more than the people whotaught them about money. the US. But there's a problem: One-third of adults surveyedsaid no one taught them Among that group, only 13 percent report a high level of confidencein their finances. How Does Your Own Upbringing Influence What You Teach Your Kids? Money Talk Tips People wholearned about money as To help your family discussfinance, children were 20 percent more likely to try these threeideas: prioritize teaching their own kids about money. Those whosaid no one taught them about moneyasa child were twice as likely to delay talking to their own children about money until age 18 or older. 1.Set an example. If you're an example offinancial responsibility, your kiddos will be more likely to follow. 2. Use tools. The right tools can make a big difference. The survey showed that 62 percent of the people ‘Teaching Tools who do not use any personalfinance their children about charitable giving start and frequent conversations about moneycanbe key to setting your kids The top tools—allowance, savings accounts, piggy banks—may not have changed much, but the lessons have evolved. Today, parents are teaching 60 percent morethan their own parents toolsalso reported lack of confidence in their currentfinancialsituation. 3. Talk early and often. An early on thepath toa healthy financial future.

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