Financial learning can start at home, especially now
April 15, 2020
By Carrie Schwab-Pomerantz, Board Chair and President, Charles Schwab Foundation
With schools closed for more than 55 million students, learning will look different for the time being.
But that doesn’t mean it has to stop, and now may be a particularly good time to teach your children about money management.
Many people struggle with the basics. Over the course of my career advocating for greater financial literacy, I have learned that financial illiteracy is blind to gender, age, and socioeconomic background. Learning how to manage money and handle credit, as well as the importance of saving and investing, can be empowering and even life-changing for young people.
Learning how to budget, especially during the difficult times we are in, can help prepare kids for life’s ups and downs.
One of the best ways you can set them up for lifelong financial success is by starting a conversation about money at an early age.
To help families begin this important discussion at home, here are a few financial education tips and resources.
Top 5 tips for talking about money:
- Make talking about money a part of everyday life.
- Set a good example. The way you talk about and use money influences your kids more than any other factor.
- Use activities that fit your child. If you have more than one child, you know that no two kids are alike … nor are their thoughts about money!
- Talk to girls and boys in the same way. Lessons about spending and saving are universal.
- Try to be open about family finances, and let your kids be involved.
Background information for parents:
- Teaching kids about money
- Parents’ guide to putting kids on the road to financial independence
- LinkedIn: Financial Equality Starts at Home
Lessons and activities for kids:
- Hands-on activities
- Teacher-developed lesson plans for various ages
- Financial workshop for teens
- Additional educational resources
Adding an element of financial education while your kids are learning at home can do more than just keep them busy—it can help put them on the path to success.