Practical ideas to engage the rising generation

Help prepare your younger children to value, manage and preserve your family’s wealth

 

For families who plan to transfer wealth to the rising generation, parenting brings an additional dimension — the desire to raise motivated and financially responsible children. Yet 96% of college-bound students noted that they would make different financial decisions had they been given more financial education.1

22% of U.S. teenage students lack basic financial literacy skills.
Source: Program for International Student Assessment, 2017. (Latest available data.)

As such, it is imperative to teach basic money management skills in progressive, age-appropriate intervals. But while instructing children on the basic mechanics of managing dollars and cents could be a one-time lesson, instilling your values about money should be an ongoing activity.

Early-stage financial education is important because child development experts note that kids benefit from learning about money at a young age. Parents remain the single most important source of financial information and guidance for setting young people up for success.

Levels of understanding differ by age and also from child to child. And because of that, we’ve created this guide, Financial Handbook: Practical ideas to engage the next generation, organized by age group, so you can adjust the exercises and resources based on the emotional maturity of your child. The common money questions and concerns will also vary by your child’s interests, learning styles and social-emotional maturity.

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Based on a survey conducted by the National Financial Educators Council between November 21, 2012 and August 14, 2013. (Latest available data.)