Financial Lessons For Kids
Some of the most important lessons in life aren’t learned in school. One of them is finances. Teaching your kids about things like banking and checking accounts and compounded interest will make them more financially responsible adults. Just look at these numbers, and you’ll know what I mean:
- The national debt is at more than $13 trillion and growing.
- 43% of American families spend more than they earn each year.
- Personal bankruptcies have doubled in the past decade.
Maybe it’s time to teach our kids about finances. Betty Casey, editor of TulsaKids Magazine, believes too many kids aren’t learning these lessons at home. She told me, “I think a lot of kids go into shock when they go to college and they have a debit card and they’ve spent $25 on a Coke because they’ve got overdrawn.”
Casey says parents don’t often teach their kids to be smart consumers because they assume they learn it in school. And also, if you look at those disturbing debt, spending and bankruptcy numbers, maybe because they’ve never learned it themselves. “It’s very difficult, but we want our children maybe not to make the same mistakes that we make.”
So it’s a Finances 101 course that could very well include this disclaimer: “Do as I say, not as I do.”