What to Teach Kids About Money
What Do Your Kids Still Need to Learn
About Money and Finances?
When it comes to what to teach kids about money, there are some great resources out there beyond the Money and Kids site.
One of the best resources out there are the columns of Janet Bodnar which appear in Kiplinger's Personal Finance magazine as well as on the Kiplinger website. With 20 years' of writing about kids and money under her belt, she has a wonderful background in cutting to the chase. I'm betting having three grown kids helps, too.
Here's an article from late 2009 that deserves to be highlighted. The info is timeless and a fitting way to frame teaching children about money - and teens too. Here are a few highlights:
- Kids don't know how to earn money. They need help thinking of business ideas, marketing and pricing. Check out this guide on kid business ideas to help your child find one that works for them.
- Kids don't know how to manage their money. Not spend it all - now? Why wait for something to go on sale?
- Kids don't know how to save part of what they earn or get as gifts.
- Kids don't know about credit and plastic. This is really more of a teen money management issue. The key is to teach teens about credit and credit cards before they get one and don't know what to do with it. The recent changes in the credit card laws certainly helps with this - but it may just delay the issue instead of fixing it. Only actual credit education can do that.
These really are just the highlights. Be sure to read the whole article for even more information including some additional resources related to financial education for kids.