Los Angeles, CA (PRWEB) April 27, 2012
The next generation of youth will face significant challenges if they fail to acquire practical financial education skills prior to moving out on their own. To address the growing need for personal finance training the National Financial Educators Council provides a complimentary guide for parents who want to teach children about money – ‘Family Money Talks’. This guide was launched with the NFEC ‘The Talk’ Financial Literacy PSA.
The Talk Financial Literacy PSA raises the awareness about the importance of having ‘the talk’ with kids about money. This campaign uses visually disturbing photos of children and teens taken unwise risks and relating that to the consequences of sending a financially illiteracy child out into the real world. The PSA was designed to raise awareness, while the Family Money Talks guide provides them the information they need to take action on their new-found motivation and teach kids about money.
“Once parents get the connection between their kids doing drugs, drinking and driving, crossing the street without looking and taking unnecessary risks to financial illiteracy they are motivated to teach kids about money. Many have reported to us that they didn’t know the consequences of financial problems spill over into their daily life – relationships, health and event enjoyment of life,” states Cecile Abad of the NFEC.
The Family Money Talks guide gives parents 10 guided conversations to have with their children. It provides step-by-step details for parents so they gain the confidence in talking with their children about money. One of the tips is to set family financial goals and one of the ways the NFEC suggest setting family goals is with the reducing expenses game. Sit down with your child and pull out the gas or electric bill over the past three months; see what the bills average. Then set an attainable goal to reduce that by an agreed-upon amount. Creating an action plan together and deciding on a reward the entire family can enjoy together when the goal is accomplished.
One family decided to reduce their electric bill by $30 over the next two months. Their plan was to get more efficient light bulbs and be sure when they left the room to shut off anything they were not using. They decided on a reward of having a family pizza and movie night. The parent noted, “my kids did a better job than I did remembering to shut off lights, and they often yelled at me in a fun way when I forgot. We did reach the goal and had a great time celebrating our victory together. It brought our family closer and was a great way to teach children about money.”
The NFECs’ objective is to educate people on personal financial matters as they raise awareness about the financial literacy movement. The National Financial Educators Council is a social enterprise organization that leads the financial literacy industry in raising awareness. The NFEC partners with celebrities, sport stars, influencers and the media to take the movement mainstream. The Talk financial literacy PSA campaign is designed to expand the NFEC’s international influence encourages families to have ‘the talk’.