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For Americans, understanding money eases old age anxiety

Science Daily – Staff Writer

“A new household economics study from Hiroshima University suggests that financially literate people are more capable of accumulating wealth and worrying less about life in old age. This study is the first of its kind to examine how financial literacy influences anxiety about life in old age in the United States.” (more)

The 529 Plan Change That Could Help Families Save On Education And Taxes

Forbes – Renee Morad

“Beginning in 2018, taxpayers will be able to increase their tax savings when funding their children’s private school educations. According to the new Tax Cuts and Jobs Act, 529 plans, a tax-advantaged savings plan designed to encourage saving for future college costs, have recently been expanded to include elementary and secondary school expenses. This means that taxpayers will be able to withdraw up to $10,000 per year tax-free for elementary and high school expenses, such as tuition and books.”(more)

Three Money Conversations Every Teen Should Have With Their Parents

Time – Sophia Rase

“My aunt is Suze Orman, so I’ve grown up talking about money. A lot. It wasn’t until I was in high school that I realized just how unusual that is. The teens I know are hungry for guidance and insight on becoming money-smart. We know that money is often at the heart of family stress, even if we don’t know why. But whether because our parents want to shield us, or because they don’t know how to talk about it, money winds up being a taboo topic.”(more)

7 things you can do now to solidify your child’s financial future

USA Today – Cheryl Lock

“If you have kids, or are considering having them, you’ve likely started thinking about what that will mean for your finances. But have you thought about how you can help your kids become prepared for their own financial future? There are plenty of things parents can do now to help set their kids down the right path financially. Here are a few.”(more)

Financial Education: When to start talking about saving?

WCSH 6 – Addison Boroff

“How important is financial education? A significant part of financial capability is the ability to make ends meet through adequate savings. Having resources for immediate medical needs is also an important component. In Maine, 15% of individuals reported that over the past year, their household spent more than their income (not including the purchase of a new home, car or other big investment), while 23% of individuals reported having medical bills that are past due. Individuals who are not balancing monthly income and expenses are not saving and thus may find themselves struggling to make ends meet. Overdue medical debt can further compound a household’s ability to meet monthly financial obligations. Getting students to have a better understanding of financial education before they become adults is important in helping them to become successful adults with money management.”(more)

Teach Your Children about Money this Financial Literacy Month

The Wayne County Journal Banner – Staff Writer

“April is Financial Literacy Month, an ideal time to think about the lessons your children are learning about money. Setting a good financial example is just the start. Parents should also actively engage children on the topic. These lessons can help put kids and teens on the right path towards a financially responsible adulthood.”(more)