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There’s no shortage of lessons a parent can teach a child. From sharing, riding a bike, cooking, and driving, parents are constantly teaching their children through instruction and example. One lesson that often slips through the cracks is how to be smart with money. In fact, a recent study by the National Endowment for Financial Education found that only 24% of millennials demonstrate basic financial literacy. With school-supported personal finance programs few and far between, it is often a parent’s responsibility to teach their kids about spending and saving.
No matter how savvy you consider yourself, there are plenty of ways to teach your children invaluable financial literacy skills at any stage. As you’ll see below, it is truly never too late (or too soon) to start learning.
Small children may be too young to understand the value of money, but the perfect age to begin counting with coins. Start to teach your toddler the difference between pennies, nickels, and dimes – just make sure they don’t swallow them!
No matter what age your child is, teaching them about finance is an invaluable way to help set them up for future success. Start now to help them build the foundation for strong financial literacy and independence. Simply talking about money with your kids can help empower them to start asking questions and developing skills that will last a lifetime.