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What about the Kids?

September 21, 2012

Financial Literacy For Kids – The Newest Curriculum

It's that time of year again - back to school. The weather is already cooling off, and everyone seems to be settling back into their routines. Although my oldest is only entering Grade 1 (this is definitely not an "only" in my books, the years have flown by), the new school year has got me thinking about the choices we make for our children's education. No one would argue that reading, writing and arithmetic, the old faithfuls, land on a parent's radar. Physical activity, nutrition, and environmental consciousness have recently come into curriculums as well. So naturally, being in the financial industry and seeing the effects of ineffective, inaccurate and inadequate financial education, I am curious why there isn't room in between math and geography for a bit of "how to manage credit 101" or "effects of compounding interest 202". Instead it seems to be "baptism by fire 104" and "learn the hard way 204". We all want the kids in our lives to have the best foundations they possibly can.

Teaching financial responsibility is left to parents – how to establish and manage credit, how to save money, how to budget and spend responsibly. But where are parents supposed to get the financial training to pass along to the kiddies? How do parents develop an 18 year curriculum to impart this wisdom on their children?

I found a few great articles with some fantastic suggestions for parents.

http://www.forbes.com/sites/jennagoudreau/2012/09/04/how-to-raise-financially-savvy-kids-teach-money-skills/

http://www.jumpstart.org/

http://money.ca.msn.com/investing/patricia-lovett-reid/article.aspx?cp-documentid=24688427#scptig

Of course, there are many resources out there for parents when it comes to financial literacy. Professionals in the financial industry, such as mortgage brokers, financial planners, insurance brokers, bankruptcy trustees, and accounting professionals are all a wellspring of information regarding managing credit, savings, investing, wealth preservation and management, and are often able to give you personalized advice. The best way to teach your kids financial responsibility and skills is by example - don't forget that they will almost always "do as I do, not as I say"!

Courtesy of:

Amanda Jacobson, Mortgage Professional
The Mortgage Centre Comox Valley

Contact The Mortgage Centre Comox Valley for more information or for free education materials.

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