A recent survey from COUNTRY Financial found that more than half (61%) of Americans say their parents were the most influential when it comes to money. However, parents may not be the best source for finance information. Nearly half (46%) of parents with kids under age 21 gave themselves a grade of C or lower in personal finance.
Which money topics are you covering with your own kids?
Get the Conversation Started
There are many topics parents dread discussing with their kids, but according to the survey parents said paying for college is the most stressful topic, even more so than the birds and the bees talk and family issues such as divorce.
Other Dreaded Financial Topics...
21% of surveyed American adults are discussing credit card debt management.
6% of surveyed American adults are discussing student loan management.
8% of surveyed American adults are discussing retirement preparation.
The COUNTRY Financial Security Index® study of 1,019 U.S. adults, fielded by market researcher Ipsos.
Start 'Em While They're Young
Try one of these tips to start educating your family:
- Take your child to the bank to open a savings account, and set a savings goal.
- Help your child to understand the value of things they’re given. Determine ways your child can earn the item before purchasing it; then set and share the rules for how they can earn the privilege of using their new phone, video game system, etc.
- Ask your child about his or her future goals. Do they include college? What type of career do they hope to have? Then openly discuss a strategy for how to pay for it, and how the child can contribute, such as saving money from an after school job and applying for scholarships.
- Share your own future goals with your kids. Tell them how you’re saving for their future and for your own goals. Discuss how maintaining a budget is helping your family to reach its goals.
Learn in the Moment
Another great way to teach kids about money is to involve them in the process when you are purchasing a large item such as a car or a home, planning for a vacation or preparing your monthly budget. Help them to see all of the costs involved and how healthy personal finance habits can help them achieve their goals.
Remember that your COUNTRY Financial representative is here to help you along the way!Resources to learn more about personal finance:
Check out the Financial Wellness section of our website for a variety of articles to help you learn more about the topics you care about.
COUNTRY Financial partners with Financial Beginnings to offer free, accessible personal finance curriculum for the community. Learn more.