Let’s Make Kids Part of the Financial Literacy Conversation
April 2, 2019 by Jack Kosakowski and Danielle Robinson
The observance of National Retirement Planning Week, April 8-12, and Financial Literacy Month each April provides an excellent opportunity to consider how we empower younger generations to make sound financial decisions.
In many families, money is considered a topic “too adult” for kids. But, young people learn by seeing and doing, so why are we keeping so many everyday money lessons from them, like avoiding debt and saving for the future? This must change immediately if future generations are to avoid the financial uncertainty so many Americans face today.
Consider a 2016 study by the Economics Policy Institute, which determined most families — even those approaching retirement — have little or no retirement savings. A separate study by The Pew Charitable Trusts conducted in 2015 found the median household does not have enough money in liquid savings available to replace just one month of income.
Knowing kids tend to model behaviors they see in adults, it should be no surprise they, too, have much to learn about money. This was evident in a survey of 500 children seven-to-10 years of age and their parents, conducted by Wakefield Research for Junior Achievement and Jackson Charitable Foundation in 2017. Among other findings, the study found:
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