Why Our Children Need Money Management Instruction



Posted: Tuesday, February 09, 2010

by Vince Shorb
National Youth Financial Educators Council

There is a 'money management for kids' movement that is raising awareness of the need for financial literacy curriculum. The lessons our children pick up though this type of training are essential to living well in today's world. Teaching these money management for kids skills opens up more opportunities for children than most of us even realize.

We are teaching our children how to take personal responsibility when we instruct them in financial management. We educate children so they understand that they have a say in their financial future and that they will have much more control when they grow up. Whether you, as a parent or educator, have a lot of money or not you can show kids the importance of budgeting and prioritizing.

Practical financial literacy curriculum gives kids a life skill that many of us ended up missing out on during our own childhood. So many individuals in today's population between the ages of 20 and 45 have significant credit card debt because until now there has not been a significant money management for kids movement. In fact, the overwhelming majority of us never learned the way credit worked or how we could hamper our lives with debt until we enrolled in the school of hard knocks.

The money management for kid's movement helps provide today's youth the essential skills needed to make it in the global economy. Through financial literacy curriculum we can show them basic money management for kid techniques such as: saving, investing, budgeting, financial goal setting, credit, debt avoidance, account structure, money flow, having a healthy relationship with money and retirement planning. Basically, if we can teach them to save money at a young age and give them investment skills they have a big advantage many adults today wish they had growing up.

The younger you start teaching kids about money the better. Kids are very adept at understanding money skills when the proper financial literacy curriculum is provided to them. Outside of school, daily activities like chores and discussing purchases while shopping can help them pick up basic financial literacy skills. You are the first step in the money management for kid's movement. Turn your daily activities into opportunities to teach your children money skills.This will help them learn to make good financial choices in the future.

Once a child is in high school you can involve them in the family budgeting to help them learn proper money management. Many of us were truly shocked to discover just how much money it takes for us to enjoy a comfortable retirement. We never really thought much about it as children but if we did a large majority of us would of started to save and invest at a much younger age. The money management for kids movement is about empowering them with financial literacy skills so they never have to say "I wish I knew about that when I was younger".

We all must support educators and legislators as they try to keep the money management for kid's movement moving forward. Insist upon your school bringing in financial literacy curriculum so your children can benefit from the knowledge they pick up.

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To discover the financial kids money management tips that will help your child succeed visit http://www.FinancialEducatorsCouncil.org for Free video instruction.
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