Teach life skills.
Does your kid understand anything about money? Yeah, mine either. I don’t even know where to start. Allowance? Saving? Piggy bank? I know that I fear money and always wonder if we’ll have enough and for how long. I get stressed out by how much things cost, mostly because I grew up in a house where we were always the poorest people at my school. I was always reminded of how little we had and how much others had. I developed a keen awareness of what things cost from an early age. I remember looking at real estate listings and wondering why my parents couldn’t afford the $1 million house. It also meant we ate at home, drove beater cars, and couldn’t afford the luxuries that my classmates did.
My daughter? I don’t think she has any idea about money. I don’t think she feels the same pressures that I did as a young lad, and in a way, I’m kind of happy about that. But how do we get her to understand more about money so that she’s prepared for her future?
Banks could play an important role in helping us. Rather than bad profits, ex. scamming college students, getting them to use credit cards that they won’t pay off until their third child is born, take a good profits position and help us teach our kids about money. Give us tools, brochures, tactics, and activities that will enable us to make fiscally responsible individuals. I want my daughter to know when something’s too expensive; I don’t want to have to convince her of it.