“Financial literacy” is one of those phrases that keeps popping up. We hear about it in schools, in the media and we read about it in newspapers and blogs. It is a hot topic in educator boardrooms and at kitchen tables around the globe. Research shows that kids need to learn money skills… and early!
CNBC published an interview with Warren Buffet that yields some of the best advice…
What do you think is the biggest mistake parents make when teaching their kids about money?
“I think parents need to start teaching kids about the importance of managing money at an early age. Sometimes parents wait until their kids are in their teens before they start talking about managing money when they could be starting when their kids are in preschool.” Warren Buffet
The take away… start early! Kids have the best opportunity for a healthy and bright financial future when they learn responsible money habits at a young age. I like to say, teach your kids the 3 M’s — Manners, Math and Money. Money skills are as essential as saying “Please & Thank You” and counting to 100.
The world is waking up to this reality. Everyone wants their kids to be successful, to have money, to not have financial stress. This is a concern for parents of every culture and every socio-economic background. “Money” is the universal language. We all need it and we all need to learn how to manage it. The sooner the better… a strong start is what most often results in a strong finish!