We know children learn their behavior about money from their parents.
Downers Grove, Illinois (PRWEB) May 11, 2016
It’s a conundrum. The majority of American parents admit to being either very or extremely concerned about setting a good financial example for their children, but 72% are reluctant to talk about financial matters with their children, says the 7th Annual Parents, Kids & Money Survey by T. Rowe Price.
Modeling healthy financial behavior, however, is only part of the equation in raising financially responsible children.
Families must also have conversations about money, believes Andrew Keyt, who will speak on “Raising Normal Kids in a Privileged World” at the Trust Company’s annual spring conference on May 24th at the NIU Naperville Campus. According to Keyt, who has worked with some of the world’s most successful family-owned businesses as Executive Director at Loyola University Chicago’s Family Business Center, families who raise financially responsible children are clear about their messages about money.
“These families talk about money,” he says, “and they set up boundaries around money. They also hold their children accountable for their actions.”
Keyt is an internationally known business strategist and succession-planning expert for family-owned businesses. He is also the critically acclaimed author of "Myths & Mortals: Family Business Leadership and Succession Planning", published by Wiley in July 2015 and named by "The Times" as the Book of the Week.
According to Keyt, healthy financial behavior must both be modeled and discussed.
“We know children learn their behavior about money from their parents,” says Keyt. “So if parents are irresponsible with money, children will be irresponsible with money. If parents are free-wheeling, spending without a budget, neglecting to talk about budgets with their kids, then how can parents expect their kids to magically learn this information?”
Trust Company’s spring conference welcomes the public, and the doors open at 2:45 pm, with the program beginning at 3:30 pm. Trust Company’s Chief Investment Officer, J. Reed Murphy, will also discuss the major themes driving market volatility and the opportunities they afford investors. Trust Company is a Chicago-area wealth management firm that seeks to help individuals and families manage their financial world as they pursue what matters most in life.
To register for the event, RSVP by May 20th by visiting http://www.trustwealthadvisors.com/TrustSpringConference/ or emailing rsvp(at)trustwealthadvisors(dot)com.