Financial Illiteracy Continues to Grow Among Children

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Shannon Ryan, CFP® Launches New Picture Book to Teach Children How To Save, Spend and Share

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The Heavy Purse

You don't wait until your child takes his driver's test to teach him how to drive. So why would you let your child learn how to handle money through trial and error?

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Shannon Ryan, CFP® wants to prevent a new generation of kids from a future of debilitating debt and low savings rates. The mom and certified financial advisor today nationally released the title book in the series, "The Heavy Purse”, uniquely written to start conversations between parents and their children about money and goal-setting.

High school students are receiving a D+ in financial literacy, according to the test results of The National Financial Capability Challenge released this spring. The study, now in its third year, annually tests 80,000 students on bank accounts, credit cards, taxes, and other age-appropriate financial concepts. After two decades of working with families in the Los Angeles area, Ryan is not surprised by the results and believes financial education needs to begin much earlier than most parents think.

"It's my belief around age three, our kids start to become aware of how we use money, and our money hang-ups eventually become their own," Ryan said. Her simple strategy helps children develop a positive relationship with money and feel empowered to make smart financial decisions by themselves.

"Parents tell me they don't know where to start," Ryan said. "By teaching their children how to save, spend and share, parents experience a reduced number of store aisle tantrums of 'I want. I want. I want.' My daughters make their own decisions now, and I don't have to say 'no' all the time."

The picture book, aimed at children aged three to nine, follows two young girls as they learn how to manage money wisely through a simple three-step process of save, spend and share. The Heavy Purse is available in print at Amazon and in ebook for the Kindle Fire, Nook Tablet and iPad.

On the book's web site, parents can find short videos to help them implement the "save, spend and share" program into their family's daily life. Ryan is currently developing a Facebook community for parents to post questions and find additional tips.

What will you do with your heavy purse?

Fan "The Heavy Purse" on Facebook and Join "The Heavy Purse" on YouTube

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Joe Hobson
O'Consulting Group
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