When it comes to the opinion of experts like Jeffrey Small Arbor financial advice for our kids is one of the most important things which we can give them, which they aren’t currently getting enough of. This is true when you think about what kids learn at school of course, personal finance is so very rarely discussed. We may teach our kids about business finance and how to crunch numbers is math, but looking after your own money is something which the school system leaves up to the parents, for good or bad.
Here though is why it is important that schools do take the lead on this.
In what is essentially a vicious cycle, we put the onus on parents to teach their kids financial advice, even though they were never given this kind of education. The result is that you kind of have the blind leading the blind. Of course some parents will have learned through experience, but they best way to teach kids is in school first.
The truth is that there are so many people out there who are actually scared of money. They understand how to make money but they have no idea what to do with it, how to put it to use and where they can save it, or why. This result in people never having a long term plan for their money, and spending what they have too quickly. We have to prepare our young adults and instill the confidence in them when it comes to earning, saving and spending money. In doing so we will create more ambitious and composed young adults.
Playing Catch Up
Sadly what happens in so many cases with young people is that they get themselves into financial difficulty before they even have a chance to do well. This means that they re starting from the back. We see so many in their late teens who take on loans and debts which cause them problems, meaning that their twenties are spent playing catch up. If we give our kids the skills they need from an early date, then they can avoid continuing this cycle.
Good For The Economy
One important factor here is that having an entire generation of young adults go into the world of work with their heads on their shoulders and with a solid idea of how to borrow and spend, results in a growing economy and a healthy one too. This is why making the investment into the education of our youngsters is such a smart move and why it is one which will eventually pay dividends on a larger scale.
This is not something which will take a lot of time or money, it is a very simple lesson which schools should be teaching to our kids, and in doing so we can really give them the boost that they need. Financial training for kids is essential.