Are you teaching your kids about personal finance issues?
I’m Becky Hagen-Joekala, Extension Educator in the area of Family Resource Management.
Maybe you think you don’t have time or that children are unable to understand financial information at their age. However, you may be surprised to learn that as little as 10 hours of financial education can significantly increase children’s understanding of money management and improve their financial behavior in the months following the education. The data is provided by the National Endowment for Financial Education’s High School Financial Planning Program evaluations.
You don’t have to wait until high school to teach children about money management. A number of personal financial education curricula identify children’s books with topics related to money as providing an opportunity to teach young children about money management. Look around your home and you will probably see some well-loved children’s books. You may find books that have messages about spending, saving, and using resources other than money, all of which can teach kids about money management. The University of Minnesota Extension Youth & Money website offers a number of suggestions about teaching children about personal finance through children’s books. You can find the information @ www.extension.umn.edu/Youth&Money