Financial Literacy Month Research Paper

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During Financial Literacy Month and all year long we need to boost our children's education (and our own!) on being financially responsible. Parents are rightly concerned about their family's future, especially during downturns in the economy. But there is hope!

As a family money skills expert, I teach a simple system of daily life skills that lead to financial literacy and competency. I say it's never too early to engage youngsters in handling money wisely. And it's never too late in life for adults to break bad money habits and become good financial role models for younger generations.

Starting a Financial Literacy Movement

I share with adults -- parents, grandparents, foster parents, educators, caregivers, coaches and others who influence …show more content…
Talk to your young children about having their needs vs. wants met, showing gratitude (thank Grandma for that monetary birthday gift!) and how to exchange money, protect it and share it. Youngsters must learn that money has a number of important uses.

When aged 5-thru-7, and as they start grade school, children will want to learn other basics such as making change and compiling a wish list for their "wants." Mini-allowances can begin for this age group. You can also help your child start a bank account. Self-control now becomes a good indicator of financial success, long-term.

By the time children are in the 8-thru-12 age group, they will be learning not only more complicated math (from percentages to fractions and beyond) -- but also life skills that help them navigate toward adulthood and handling finances. These pre-teens should be getting a grasp on several money-related concepts including: wise shopping and what things tend to cost (is it really a bargain?) ... plus developing a saving plan and a spending plan.

In the teen years, when getting that initial taste of true work experience, your kids will want to know:

* Why a healthy credit score is so important.

* Facts about interest rates, and using credit cards
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