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Much has been said about the importance of teaching your children about money.
However, you may not know where to start, or you may even feel that you know enough about finances yourself.
“Many parents avoid improving their children’s financial literacy because they themselves lack confidence,” said certified financial planner Thomas Henske, a partner at Lenox Advisors in New York.
His advice: learn together.
Resources are in abundance when parents know where to look. There are free online materials as well as children’s books and games that can help.
You can also find age-appropriate resources at the Consumer Financial Protection Bureau Money as you grow Section that also includes activities and suggestions for conversation starters. The non-profit organization Khan Academy offers free online courses on all kinds of topics, including personal finance and money.
The American Bankers Association Foundation, which annuallyTeach your children how to save the day“On April 21, a website selected resources including a Bankers and You bingo game, Needs vs. Wants color sheets, and personal finance tips for young children.
“Studies have shown that children learn best when they are engaged and active,” said Stephanie W. Mackara, president and chief investment advisor of Charleston Investment Advisors, based in Mt. Pleasant, South Carolina. She is also the author of the book “Money conscious families. “
“Concepts learned in games help children understand cause and effect, make mistakes, and be rewarded for making smart decisions.”
You have a choice of board games to give your kids money lessons, including:
Sorting coins is one way to teach money to kids.
Michelle Fox | CNBC
Reading books can also help lay a foundation and make money concepts fun. The Economic Education Council has proposals that are organized by class.
Finance professionals have also written books for children, including investment advisor Ric Edelman, founder and chairman of Edelman Financial Engines in Sunnyvale, California, with his “The Squirrel Manifesto,” and certified financial planner Jim DeGaetano Jr., President of Diamond Wealth Advisors, in Carlisle , Pennsylvania, recently “Larry the bunny saves his money. “