As a parent, you want to prepare your child for adulthood as best you can. That often means discussing a number of difficult topics with your child in an attempt to offer him or her a more fruitful future. However, one topic that is often neglected is finance. To combat the currently unstable economy, one author is sharing tips about how to make your child a Money Genius.
On this episode of One-on-One with Steve Adubato, show host Steve Adubato, PhD., sits down with Beth Kobliner, author of Make Your Kid a Money Genius (Even if You’re Not), a guide for parents to help teach children from ages three to 23 smart money habits they will need in life.
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Kobliner explained that parents are often afraid to discuss money and finance with their children because it is a difficult topic; however, it is important for children to learn the importance of money, even at an early age.
Kobliner stated: “[Research at] the University of Wisconsin shows that by age three, kids understand basic money values, like exchange – we give money, we get something back; they understand value – things have value; or they understand choices — we have to make choices when we buy things.”
By the age of seven, a lot of those money “values” that children are taught are set in their mind, Kobliner explained, though every day still remains a learning experience in which children, teens and adults are constantly understanding and recognizing the world of finance.
For parents who want to teach their kids proper financial management, Kobliner emphasizes not giving in to children’s demands.
“There was one study that found that when parents give in at the checkout line,” Kobliner said, “those kids… they are more likely to get into credit card debt when they are older because they have no impulse control.”
To learn more about how you can get your kids to start off on the right financial foot, check out this segment of One-on-One with Steve Adubato.
