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Retirement Corner

Teach Your Kids About Money

As a parent, you can help your children understand the importance of saving. Most parents take the time to teach valuable life lessons to their children, whether it’s how to treat other people, the importance of staying in school or why it’s important to work hard at whatever task they undertake. However, one life issue many parents don’t discuss with their kids is money — its value, how best to save it, invest it and spend it. Some parents neglect this topic because they don’t think their children need to learn about money until they reach adulthood; other parents may not recognize the importance of teaching their kids about sound money management. Yet other parents avoid the subject because they have trouble managing money themselves. Either way, it’s important to teach your children about the world of finances.

The truth is, school-age children can benefit from learning about the way money works and the importance of developing saving habits. By teaching your children about money when they’re young, they’re likely to be more effective at managing money when they grow up.

Here are some tips for educating your children about saving and investing.

By reviewing these points with your children, you’ll not only help them learn about the world of finance, you may also reinforce your own financial knowledge.

Article provided courtesy of TIAA-CREF.

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