Parents and caregivers want to put their children on a solid path to a bright financial future – but they’re not always certain about what to do and when. The CPFB has launched the new Money As You Grow Web site, where we provide a framework for how children develop financially, along with activities and conversation starters parents can use right away. You can share these resources with your clients who are parents, or integrate them into programs you may be offering for children and youth.
In early childhood, it’s a little too soon for children to understand abstract financial concepts. Still, they are practicing skills and attitudes that will serve them well in school and in the future: planning and problem solving, staying focused, and waiting for what they want.
Parents can use resources such as the Money sort and Pretend play activities to help children learn about earning, saving, planning, and shopping.
In middle childhood, young people start to pay attention to the financial world around them. They start to absorb habits and attitudes about what’s typical and what’s popular. Peers become important – but their parents are still the most important influence on their financial world.
Parents can use resources such as Bingo on the Go to engage with their kids around financial topics.
Teens and young adults start to earn money and make financial decisions on their own, learn how to find and apply useful information, and make choices about their future. Adult supervision, guidance, and feedback are important in helping teens learn to navigate these experiences successfully.
Parents can use resources such as the Family members’ jobs tool and College Scorecard to help teens research and understand college and career options.
Source: Financial Planning for Women