Page 8 - Gallagher Benefit Services - Financial Newsletter

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Teaching Kids About Finances
While a K-12 education prepares children for college, money is one subject that kids won’t learn enough about in school. Many parents think this is a subject that can’t be discussed with children until they are close to college age. However, the reality is that there are many age-appropriate lessons you can pass on to children to set the foundation for a nancially healthy future.
Lessons for all ages
The President’s Advisory Council on Financial Capability recommends
teaching basic money
concepts as early as
preschool. Suggested topics include: What is the purpose of money? How do you acquire money? Why can’t you buy anything you want? What are examples of what you want vs. what you need?
to compare prices before buying. Teach them about savings accounts, interest rate and FDIC protection.
Elementary and middle school aged children can be taught more through hands on experience. Give them practice in making choices about spending money. Let them help you shop around
thinking about how they will pay for it later. Be sure
they understand the nancial impacts of attending each college they are considering. Teach them the basics
of setting a budget and the importance of having an emergency savings account. For more teaching tips visit moneyasyougrow.org.
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There are many age-appropriate lessons you can pass on to children to set the foundation for a financially healthy future.”
Teaching young adults about money is especially important as you prepare them for nancial independence in adulthood. Make sure they understand how credit cards work and the dangers of charging what they want now without
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