Tips for teaching kids financial literacy at home – WSOC TV
CHARLOTTE — As children return to class, some schools are now teaching students how to be smart with their money and personal information, but even if your kids are getting this education in the classroom, Action 9’s Jason Stoogenke suggests expanding on those lessons to residence.
Jeanette Casat says her grandchildren may be young, but she’s already discussed finances with them.
“You just need to use language that the child understands. You can’t talk to a seven-year-old about stocks and bonds, but you could talk to him about saving some of his birthday money,” she told Action’s Jason Stoogenke. 9.
Teresa Murray works as a consumer watchdog for the North Carolina chapter of the US Public Interest Research Group.
“Mom and dad won’t always be there for them,” she told Action 9.
So she recently came up with this list titled “Tips for teaching financial literacy and privacy to kids of all ages.”
Here are five of Stoogenke’s favorite words of wisdom from Murray’s collection.
- Avoid impulse purchases.
- Make saving a priority.
- Find out how checking and savings accounts work, as well as checks, debit cards and credit cards
- Learn the importance of paying your bills on time.
- Realize the dangers of phone apps.
“(Kids) upload their date of birth and they upload the names of their loved ones and all of a sudden you have these bad guys who can build up a whole database on someone and it could be to hurt him or it could just be to create a profile of things to sell that they don’t need,” Murray said.
Talking about money can be overwhelming, even for adults. So keep it simple. Maybe you just choose a few words of wisdom and build on them later.
“It’s always good to talk about it,” Cast said. “You don’t know what’s going to go through their minds. You just hope that eventually… some of them stick.
Murray and PIRG also say, “The best lessons are taught by example.
You will find the complete list of tips for discussing financial literacy with your children. here.
(WATCH BELOW: The FIRE movement says it’s helping people achieve financial freedom young)
©2022 Cox Media Group