The NFEC Suggests a New Year’s Resolution for Parents - ‘Teach Money Management Lessons to Your Kids’

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The National Financial Educators Council suggests parents make a New Year’s resolution to teach money management lessons to their kids and provides tips to doing so effectively.

The National Financial Educators Council, a social enterprise organization whose mission is to improve the financial capability of people globally, suggests that parents make a New Year's resolution to teach money management lessons to their kids.

To assist parents in opening up the lines of communication with their kids about money, the NFEC provides several tips. The NFEC also provides a complimentary guide for parents entitled ‘Family Money Talks’, which provides ten guided conversations to help parents teach money management lessons to their kids.

The NFEC’s first tip is to relate money to lifestyle. According to a video in their Certified Financial Education Instructor (CFEI) program, this strategy helps motivate youth to want to learn about money. The program suggests instructors or parents uncover short and longer-term dreams and relate their aspirations to how a financial education can help them achieve those goals.

Parents are encouraged to help their children build their financial foundation while they are still living at home. Helping them set up their savings and checking account, completing their personal budget and setting personal financial goals all help teach money management lessons to children.

Parents should also sit in front of the computer with their child, teen or young adult and play around with a compounding interest calculator. The NFEC has found that today’s youth are excited to learn about compounding interest and the advantage it gives them. The NFEC also notes this gives many youth hope for their future to offset many of the messages they hear from their friends, at home or on the news about the financial problems that many people are facing.

One of the latest tips offered by the NFEC was added to address the ongoing economic crisis –to help youth recognize opportunity. With a statistically large percentage of people going through challenging financial circumstances many from the younger generation are experiencing a feeling of despair about their future. The Certified Financial Education Instructor program suggests that we teach our children how to recognize opportunity. The NFEC suggests sharing stories of people that capitalized on opportunity even when faced with challenging financial circumstances.

The National Youth Financial Educators Council is dedicated teaching money management lessons to people of all ages and socioeconomic backgrounds. They are founders of Money XLive – one of the nation’s largest full production financial literacy events that teach youth the value of entrepreneurship and financial responsibility in an MTV award show style environment. Their mission is to empower people with the financial literacy skills they need to live the American Dream.

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Cecile Abad
National Financial Educators Council
714.960.4665 7000
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