The Huffington Post – Andrew Plepler
“Based on my experience raising three children, I know how difficult it can be to find the time and focus to teach them about the basics of money. But I also know how important it is to begin the conversation early. April is Financial Literacy Month, and now is a great time to start incorporating finances into conversations with your kids. A recent report from Bank of America and USA TODAY showed that financial skills could be some of the most important lessons parents teach children. Believe it or not, the actions you take and conversations you have with your kids about money have a major impact on the way they manage their finances as adults. The Better Money Habits Millennial Report, a look at how today’s young adults learned about money from their parents, shows a strong association between millennials who say their parents taught them well about finances and those who are currently saving and making a budget. Nearly three-quarters of millennials who said their parents did an “excellent” or “good” job teaching them good money habits have savings, and nearly half live on a budget. On the other hand, of those who said their parents did only a “fair” or “poor” job teaching them about finances, just over half currently have savings and barely more than a third live within a budget.”(more)