Breck Dumas reports for Fox Business that, “young people are at risk of being sent out into the world without the necessary knowledge to make sound financial decisions that will set them up for future success.”
Startingly, he points out that, “the vast majority of U.S. states do not require high school students to take even one financial literacy course in order to graduate, leaving parents with the responsibility of educating teens on personal finance and investing.”
Taking the time to educate ourselves, and teach our children, about handling money is a crucial part of ensuring future financial success. “A recent study by Fidelity Investments found that while seven out of ten teens aged 13 to 17 said they look to family members as financial role models, only 34% reported regularly discussing the topic with their parents.”
Make sure to engage your children in financial discussions. Teachable moments for kids of all ages can come from past money mistakes – and transparency in parenting may just be the best way to ensure those mistakes aren’t repeated by future generations.
Setting your finances on the right path, letting go of past failures and looking to a future where there is cohesion within the family unit on how money will be handled is a recipe for success. We’re here to help you establish that firm foundation.