Finance A Kid’s Game
Wednesday, May 03, 2023
With the end of the school year fast approaching I thought it pertinent to touch on financial education and children.
Finance is an incredibly deep topic that can affect a child a great deal. Learning practical skills before entering the workforce or moving away from home is one thing that most young adults agree would have been more beneficial than hindering. Unfortunately, some see their education as lacking when discussing practical skills. I saw a meme recently that embellished this point. For your viewing pleasure it is below.
We can all agree that teachers are not to blame for this but instead that curriculum may dictate what can be taught in schools and it may not touch as completely on the topic of finance. Though schools and indeed the government are making financial literacy a priority in recent years, students have begged for the ability to understand financial life deeper.
Recently, I have had the privilege to speak in schools around our community with one school keeping me on a weekly engagement to discuss finance and economics. From these discussions I can tell you that children are extremely interested in the financial world. I can also tell you that if we do not cultivate the right financial behaviors in them, their only outlet of learning could be apps like TikTok or a social media influencer that is looking to sell them something more than ensure they are making the right financial decisions. As a father, the idea of a “financial guru,” teaching my children about complex financial products or debt management scares me greatly. I advocate that children are indeed people and someday they will need to make decisions that affect their long term financial lives. We all know someone or have met someone who has financial trouble, and I am positive we do not want that for our children.
When I talk to other parents or friends of the family, they often ask me “how to I get involved?” or “where should I start?” I recommend this. Ask your children first what they know about money then set them straight when they may not have the basics correct. Next, I would ask their teachers what sort of financial literacy program they offer through their school. Sometimes they do not have a program in place and that is okay. Ask them to reach out to a local financial professional to come and give a small talk or one of the many nonprofits that have made it their mission to teach financial competency. Bottom line, I can reasonably assume that people want their kids to be successful and I am no different. One of the largest facets of being successful is having a set of core competencies surrounding finance and economics.
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