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Being financially literate and knowing how to manage is important. However, you don’t have to be a financial expert to know how to raise money-smart kids.
This video article gives you 6 practical tips on how to raise money-smart kids that you can start right now.
What is Financial Literacy?
Financial literacy is a set of financial skills that helps you understand and manage your money effectively and includes personal financial management skills, budgeting and investing.
Why is Important to Raise Money-Smart Kids?
If you want your kids to become financially responsible adults, break the cycle of poverty and not repeat your financial mistakes, it’s better to teach them good money habits when they are young.
Many adults often find themselves in difficult financial situations when they don’t manage their money, budget or meet with a financial planner.
In fact, data from the USA show that 42% of adults worry about meeting their daily expenses as of 2020. Meanwhile, 40% were concerned about their financial status, and 37% reported they were just getting by financially.
For more financial literacy statistics click here.
The problem is many people didn’t learn about good money management strategies. Unfortunately, being smart with money is not typically taught in school.
Therefore, as parents, it’s your responsibility to raise financially responsible kids.
Here are 6 Tips on How to Raise Money-Smart Kids
Whether you’re at the beginning stage of your financial literacy journey or more advance with your financial literacy, here you will find 6 practical tips on how to raise children who are good with money.
- Start Early Saving to Get Good with Money
- Teach Money Management and Budgeting
- Teach Financial Responsibility to Raise Money-Smart Kids
- Money-Smart Kids Know the Value of Money
- Talk about Financial Topics with Your Kids
- Read More Financial Literacy Books
