Whether your financial situation is good or bad, teaching your kids about money will contribute to how well they manage their finances in the future.
EL SEGUNDO, CA (PRWEB) April 07, 2013
From the friends they choose to the money management habits they are forming, it’s natural for parents to worry about their children. Financial literacy for kids, however, remains a topic that many parents feel uncomfortable or ill-prepared to teach. Top personal finance site GoBankingRates.com helps solve that problem by releasing a guide to teaching children about money according to their age.
According to the “Parents & Money Survey” survey from Charles Schwab, more than two-thirds (69 percent) of parents feel less prepared for teaching children about money than giving them the talk about the “birds and bees.” And when it comes to teaching practical skills, parents are more likely to show their children how to do laundry (70 percent) than how to balance a checkbook (34 percent).
“Money is a taboo subject in many homes, with parents choosing not to discuss the family finances with their children,” says Valencia Higuera, expert contributor to GoBankingRates. Ms. Higuera points out parents may be reluctant to teach their children about money if they are struggling with their own financial problems. “Whether your financial situation is good or bad, teaching your kids about money will contribute to how well they manage their finances in the future.”
The new GoBankingRates guide takes the guesswork out of financial literacy for kids, and teaches parents the best ways to help their kids learn smart money management. The guide breaks down topics for teaching children about money by age, and includes practical advice and activities that parents can do with their kids to give them hands-on financial experience.
For questions about this report or to schedule an interview with a GoBankingRates editor, please use the contact information below.
GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.
Jaime Catmull, Director of Public Relations
Source: Charles Schwab, Parents & Money Survey Findings, 2008.
Photo via Acidpix: flickr.com/photos/acidpix