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Never Too Young To Learn the Value of a Buck

The importance of teaching kids from a young age about the importance of spending money wisely cannot be underestimated:

It’s not easy for us as individuals to do much about financial problems in Washington, but we do have a lot to say about the money that goes through our own bank accounts.

Times of financial stress throw the spotlight on weaknesses in our money management, as many of us are finding out. There’s no time like the present to make the tough decisions that will put us in a better fiscal position in the future.

If we want our children to avoid some of the pitfalls we’ve experienced, we had better start early.

According to a survey by TD Ameritrade, about 45 percent of the people between the ages of 21 and 45 who responded to a survey said they learned about managing money before they were 12.

Only about a third of the older adults who responded to the survey said they learned about money that young.

A TD Ameritrade spokesman speculated that parents may be learning from their financial mistakes, and trying to give their kids a stronger financial foundation.

If that’s the truth, then some good will come from the current tough times.

Kids tend to be very materialistic and cavalier with their money.  In my day, we had very little money at our disposal until we were old enough to earn it ourselves.  Nowadays it’s a different story.  Kids tend to be given a lot of money, without enough interest taken to ensure that it’s used wisely.

I commend any program that teaches kids the value of a dollar and how to  save and spend wisely.

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2 Responses to “Never Too Young To Learn the Value of a Buck”

  1. Margaret Reyes Dempsey Says:

    A big part of the message comes from what they see modeled at home. I had my own bank book when I was a toddler. My mom would deposit all the money I received as gifts. By the time I was five or six I was already handing over the money for deposit and eagerly viewing the new balance.

    I learned almost nothing about money or finance in school. Not much has changed. Aside from the occasional math word problem, there isn’t much mention of it.

    When you think about how many people are in financial crisis because of their ignorance of money matters, it’s a shame we don’t get the message and start teaching some of these skills in school. Maybe hold off on the calculus until the basics of checkbook balancing and compounding interest have been covered.

  2. Anthony Purcell Says:

    Yesterday a student of mine dropped her iPod Touch and cracked the screen. Today she had a brand new iPod Touch. What did she learn? Well, it wasn’t how to be responsible and not drop things. She learned that money grows on trees.

    I would agree with the facts that students now don’t understand the value of the dollar (for the most part) because parents go and buy everything for them.

    Thanks for the post.

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