Parents
Research reveals that we do remarkably little to teach our children about personal finance. How does a credit card work? What's the difference between a credit card and a debit card? How much comes out of a paycheck for taxes? How do you create and manage a personal budget so that you can save for the future? What's a credit report? In so many different ways, we teach our children the importance of buying and having lots of stuff (and having it now!) but little else when it comes to dealing with what's in your wallet.Talk to your kids openly about how money works. Talk to them about the reality of earning a living and paying for necessities. Explain how a credit card works and the importance of having a good credit record. Talk to them about establishing the habit of savings. We know it's hard to talk about money, but the simple act of having some dinner time conversations with your children on the topic will open up many doors for them and help them establish a sense of control over their lives.
If you're a parent of a high school student, bring them with you to our Financial Fitness Fair. This annual event is designed to help you begin a dialogue with your children to help them become financially successful adults.
Begin teaching your child about personal finance at a young age and continue to reinforce these skills. See the Clearinghouse for more ideas on teaching your child about personal finance matters