May 23rd, 2012
Not sure how to start talking to your kids about money? Don?t worry, the President has your back.
The White House has just launched a new interactive website, Money as You Grow, to help kids and parents communicate more effectively about money. Claiming to have ?20 Things Kids Need to Know to Live Financially Smart Lives,? this new site covers basic money talking points during four growth stages.
During your child?s crucial preschool development stage, the website suggests covering basic money concepts, such as the difference between ?needs? and ?wants,? that people work in order to earn money, and that you may have to wait until you have enough money before you buy something.
For elementary school kids, the site gives tips on learning more detailed money concepts. Parents should be teaching their kids things like how to make money-spending choices, how to compare prices before buying, and how to put money away into a savings account.
The new website gives more concrete activities for middle schoolers, like saving at least a dime for every dollar you receive, being cautious about entering personal information online, and the basics of compound interest.
When your child is ready for high school, Money as Your Grow recommends more future-focused money concepts. For instance, 14- to 18-year-olds will need to start considering college costs, proper use of credit cards, taxes and retirement savings. Although many of these big-money decisions will still be a few years off, it?s never too early to start learning about them.
Money as You Grow encourages college- and career-bound kids to focus on more complicated future money considerations, such as the need for health insurance, saving for an emergency fund, and the basics of investing.
Bottom Line: This website can be a good tool in every parent?s financial education arsenal, but POTUS won?t do the work for you. Use the suggested activities to guide money talks with your child, from age 3 to adulthood.
Want to read more about kids and money?
Check out our article on How to Protect Your Child?s Identity at Every Age.
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