How to Set Your Child Up for Financial Success

If you search the internet for financial education articles about “money lessons,” there’s list after list of lessons you need to learn by a certain age or rundowns from individuals about what they wish they had learned about money when they were younger

Start With Small Habits

Teaching your kids about investing and saving can take many forms. Starting early allows you to integrate essential lessons, so your child can make stronger financial decisions when they are older, whether they are a teenager or a young adult.

Talking openly about money — what things cost, why you save, how a budget works — helps kids build intuition long before they manage their own finances.

How to Set Your Child Up for Financial Success

Teaching your kids about investing and saving can take many forms. Starting early allows you to integrate essential lessons, so your child can make stronger financial decisions when they are older,

Offer an Allowance

Setting a weekly allowance for kids in exchange for completing chores can impart an important message that children have to work to earn money.

Encourage Them to Invest

Open a small investment account and have your children pick a company they like or use. Examples can include Apple, Nintendo, and Mattel. 

“The best time to start saving was yesterday. The next best time is today — for you and for your kids.”

Keep It Age-Appropriate

You don't need to explain compound interest to a six-year-old. Start with simple ideas — saving, spending, and the difference between the two — and build from there as they get older.