When we think about what money messages are being sent to the next generation, we’d argue that there is one message we need to avoid: silence. The most important action to take toward raising financially empowered children is communicating about money and financial habits in some way. There are many ways to go about this. Although playing Monopoly® and saving with a piggy bank are two tried and true methods of learning, our clients share that playing Acquire® and saving with a Moonjar® are fun and equally effective alternatives.
But, you don’t need to be a financial planner to hear about new ways to teach kids about money. Thanks to our online culture of sharing, the internet offers an assortment of creative financial literacy ideas. Of course not all of these ideas are good ones – like those featured on certain reality TV shows – I’m talking about sensible parents blogging about their parenting styles when it comes to money.
A great example is a post written by Neil Wyn-Jones, a popular dad blogger, called “Financial Advice for a Five-Year Old.” Neilspeaks from experience and that his words seem honest. He candidly writes about his struggle to answer the following question: What financial wisdom can I pass on to my boys from the lessons I’ve learned during my transition from childhood to adulthood? Many parents can relate to Neil’s desire. Do you have tips and techniques you’ve used to teach your children financial responsibility? We’d love to hear what’s worked for you.