Parents Role in Financial Education
A recent article in Red River Family Magazine, Mothers May Be Their Daughters’ Best Resource for Financial Knowledge, highlights the importance of communication with children about money.
The article by Debbie Gerlicher explores the relationship between mother and daughter and the lack of discussions that take place on the topics associated with personal finances. Most children report their parents are their primary source of financial knowledge; yet sadly, teaching financial literacy is not done at most homes so children end up moving out on their own unprepared for the financial real world.
This article also provides practical tips to begin discussing personal financial matters, including:
- It’s never too early or too late to start a conversation about personal finances.
- The younger you start instilling good financial behaviors the better.
- Get children in the habit of earning money at a young age.
- Teach the concept of paying yourself first.
- Be a good role model by practicing what you’re preaching.
- Teach financially independence.
Debbie Gerlicher is Chair of the LiSA Initiative www.lisainitiative.com and Co-CEO of First Financial Security. A graduate of Willamette University with a degree in political science, Gerlicher has been a long-time advocate for financial literacy, especially for women.
For similar articles, explore the Family Finance section of the NFEC Blog.