Where are we supposed to learn about money? At school? In the home? Through trial and error?
The truth is, most Americans don’t know enough about finances to teach their kids. But due to lack of financial education in schools, the home is where most of our financial training comes from.
Parents would do well to understand how they can improve their children’s relationship with money. It starts at a young age, through an allowance. Every dollar awarded a child should have a specific purpose: spend, give, or save. Talking them through these choices and responsibilities will instill in them a better understanding of money management.
Click here for 3 more money lessons to share with your kids.