Research has shown that parents are the most influential on their children’s development. financial habitsMothers and fathers now play a greater role than ever in teaching children about money management.
“Most financial experts agree there is a need for financial discussions among families to avoid or soften potential future economic upheavals,” says Suzanne Poole, executive vice president, retail sales strategy, TD Bank. “According to a recent financial literacy poll by TD Bank, only 50 percent of families report having weekly conversations with their children, even though there are easy ways to incorporate tips about money in everyday conversation.”
TD Bank surveyed 1,637 Northeastern consumers, as well in Florida, D.C., and Washington, D.C. Let’s get to the point.
Be open: The majority of parents believe honesty is the best policy for discussing household finances with children. A survey revealed that 55% of families are now talking more frequently about money, possibly because of recent economic difficulties.
Setting Savings Goals: A survey by TD Bank found that teaching children how to save money with a piggybank is one of the most loved money-related activities. However, only one-third of parents report setting a savings target. Help your child set savings goals and outline the steps to reach them.
Create a Family Budget. Despite the fact that budgeting can help save money, 47% of families still don’t have a budget. Mint.com offers free budget templates and programs to help you create a family budget that is financially sound.
Register for Financial Literacy Programs. Financial literacy can seem daunting to parents. However, there are many educational tools and programs that can help. TD Bank offers a interactive financial literacy program that grades K-12. “WOW!Zone.”It’s free online www.tdbank.com/wowzoneOffers advice and resources to help parents teach their children about money, savings, and banking.
