By Bob Masterson It is financial literacy month, so what can you do to help your children become financially literate and at what age should you start?
Just like all education, it begins in the home! Mom and dad are the first to influence a child's behavior and habits. Just like reading and math, we begin with the basics of A B C and 1 2 3 and build from there.
It is no different with finances. Kids are bombarded with consumerism from the earliest age and thus should be equipped to understand that money is a limited resource and that there is a difference between wants and needs. Anyone can spend money, but to manage money wisely, we must instill early on an understanding of how money works and the responsibility that comes with having money.
This is where FamilyMint can help. Children are given the ability with parents' help to see how much they have and where their money is going. They can plan for long term and short term expenses and goals and keep track of their progress to these. Children learn by doing and money becomes truly transparent to them for the first time.
In case you were wondering how April became designated Financial Literacy month, it all started back in 2000, when Jumpstart Coalition began promoting April as Financial Literacy for Youth Month. In 2003 the United States Congress showed its support by passing a Senate and House Resolution, and in 2005 a bill was passed calling upon all Federal, State and local governments to observe the month with appropriate programs and activities.
Today you will find schools, youth organizations and financial institutions offering numerous programs and activities to help Americans of all ages improve their understanding of finances.
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