Educating Clients of the Reality of Kids & Money
by Tony DiLeonardi
As a parent of four children, I fully understand how easy it can
be to delay tough life discussions. Yet chances are that in
the age of information, our kids are probably fully knowledgeable
on numerous topics before we approach them with "the talk."
That is except for the talk about personal finance.
The statistics on the average teenager's level of financial
literacy are alarming. Consider that only 14% of teens have
taken a personal finance class or that high school seniors can
answer only 48% of financial literacy questions. Couple those
statistics with the fact that the influence of the 18 and under
group on spending decisions continues to escalate. It is no
wonder children have become the target of billions of dollars spent
by consumer product companies each year on advertising. Yet despite
these trends, only about 20% of parents involve their teens in the
family's budgeting and spending decisions.
When it comes to helping educate the future generation on
responsible money management, this is clearly an opportunity for
you to step up and fill a significant void. Over my next few posts,
we'll dive into this topic further and discuss ideas that you can
share with clients on bringing home the money discussion.