Childhood Influencers of a Person’s Finances
Personal financial problems have reached epidemic proportions and the consequences are severe. So what’s the root cause of the problem? You will learn the answer in this next section, where we explore how people’s upbringing affects their financial situations and the challenges they face as adults to overcome these problems.
Financial Situation – Each Child is Born into Different Challenges
Each child is born into different challenges that will have a major impact on that child’s future financial situation.
Financial Behaviors – Parents, Environment, Advertisers, Peers
The behaviors people develop as children are primary indicators of their future finances. Parents, environment, advertisers, and peers all help to shape a person’s behaviors.
Financial Sentiment – Formation of Financial Attitudes and Beliefs
Also formed at an early age is a person’s financial attitudes and beliefs, which are important indicators of a person’s financial state and whether the person is willing to work toward a more secure financial future.
Financial Education – Parents, Schools, Programs
Most kids will never receive high-quality financial education. Their parents and schools are failing to produce self-sufficient individuals. And the few children who do have access to financial education programs find them to be subpar.
Financial Management Systems & Support – Established as Kids
Most children will leave home lacking the basic systems they need to get off on the right financial footing.
