April is Financial Literacy Month, which means it’s a great time to talk to your kids about budgets and financing. Only 12% of high school students in the United States graduate with any formal education in personal finance. Junior Achievement bridges that gap by providing age-appropriate programs focused on financial literacy, workforce readiness, and entrepreneurship to students in kindergarten through grade 12.
Here are three tips you can implement now to improve your child’s knowledge of financial literacy:
- Talk with your family – Talking about finances with your children is a great way to teach them important skills like identifying the difference between needs and wants and how to balance a check book. Nearly 89 percent of parents say their child learns about money from them. Yet when parents were asked about their philosophy for handling the family’s finances, more than a third say they do not discuss money with their children and “let the kids be kids.” But many young people want to learn more about managing money from their parents. A vast majority of teens (84 percent) say they look to their parents for information about how to manage money.
- Make a family budget – Sit down with your family and complete a Money Management Action Plan so your children better understand credit, budgets, taxes, etc.
- Plan ahead – Open a savings account for your child at an early age so they understand how to save money. For example, maybe they have a toy that they really want to buy – get them in the habit of putting a certain amount in the bank each week so they can save for that special item.
For more financial literacy resources, or to request a Junior Achievement program for your child’s school, please visit www.janewengland.org. Additional resources for parents can be found at: https://www.jamyway.org/
Jessica Feenan is the Marketing and Development Manager for Junior Achievement of Northern New England.