When to Start Teaching Your Kids About Money

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Taylor Financial Group (for women)

A recent report by RBC Wealth Management found that high-net-worth investors start their structural financial learning – instructions from family members, directions from advisors, or suggestions from financial literacy programs – at age 27. Furthermore, earlier research indicates that when transferring assets, wealthy families do not always provide background and context to inheritors. Female inheritors are even less likely to receive guidance than male inheritors, and 36% of women stated that they did not receive either professional or familial advice through wealth transfers. As a result, RBC found that inheritors often found the wealth transfer experience “confusing and lonely,” because they were “unprepared, uninformed, and unsupported.”

 

In order to prepare your children for their financial futures, you need to teach them about finance fundamentals, like budgeting and saving. On average, people believe that their children should start learning about budgeting at age 17, investing at age 20, and wealth transfer at age 24. However, if you wait this long, your children will be adults by the time they are learning about basic financials. Instead, start teaching your children about finance fundamentals when they are still children, so that they will be financially wise as adults.

There are many opportunities to teach your children about finance at a young age. For example, if your child has an allowance, you can talk to him/her about the benefits of saving and budgeting that money for a more expensive toy, rather than spending it every week on smaller items. For more ideas on how you can teach your children about finance, click here (https://www.parents.com/kids/responsibility/money-management/lessons-teach-kids-about-money/). Basically, if your child has access to money, you should be using that as an opportunity to teach him/her about finance. Furthermore, RBC’s research supports this approach, noting that women who are knowledgeable about wealth and focused on their family’s long-term financial health are both empowered and empowering. By teaching your children about basic financials at an early age, you are boosting their financial confidence and preparing them for their future. If you would like more ideas on how to teach your children about finance, feel free to reach out to us at Taylor Financial Group so we can help your family create a more positive financial future.

 

Source:

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

4 Hurdles in Retirement Beyond Your Investment Portfolio

Becoming hyper-focused on only one aspect of a problem is pretty much never a good approach. A racecar driver who only focuses on speed and ignores strategy won’t win races, at least not many of them. A carpenter who only hammers in nails won’t build strong structures. 

Your Silicon Valley Bank Questions Answered

You likely have heard about the recent Silicon Valley Bank (SVB) collapse and probably have questions. Here, we provide you with unbiased answers to your questions.

Thinking About Retiring Early? 8 Things to Consider First

Tom Fridrich, JD, CLU, ChFC®, Senior Wealth Planner We’ve all asked ourselves whether it’s too early to retire (usually after a particularly challenging commute or dealing with a difficult client).  You may have even gone so far as to take a sneak peek at your account statements …

Weekly Update: February 27th

By Debra Taylor, CPA/PFS, JD, CDFA™ Dear Friends, For investors, it may feel like déjà vu all over again as inflation and the Fed dominate market headlines on a day-to-day basis. After all, the numerous market swings last year were driven by ever-changing expectations around the Fed – …

1 2 3 224 225 226

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation

TweetsFollow Us