{"id":1219,"date":"2022-07-14T06:00:00","date_gmt":"2022-07-14T13:00:00","guid":{"rendered":"https:\/\/humanitywealth.com\/uncategorized\/setting-a-financial-example-for-your-children\/"},"modified":"2022-08-29T23:46:39","modified_gmt":"2022-08-30T06:46:39","slug":"setting-a-financial-example-for-your-children","status":"publish","type":"post","link":"https:\/\/humanitywealth.com\/financial-literacy\/setting-a-financial-example-for-your-children\/","title":{"rendered":"Setting a Financial Example for Your Children"},"content":{"rendered":"

83% of U.S. adults<\/a><\/strong> said parents are the most responsible for educating their children on financial literacy.\u00a0<\/span><\/p>\n

At the same time, only 15% of parents said they spoke with their children more than once a week about household finances, 13% said once a week and 16% said once a month. Some 24% talk to their children less often and 31% never do.<\/span><\/p>\n

What are some concepts you can talk to your children about regarding finances?\u00a0<\/strong><\/h2>\n

These include but are not limited to:<\/strong> <\/span><\/h3>\n

How a Bank Works (how ATMs work, cashing in a cheque, the difference\u00a0between debit and credit cards, how interest works) <\/span><\/p>\n

How to Spend Money Smartly (if the purchase is large, you may tell them to\u00a0think about the purchase before going through with it – what is it offering <\/span>them, is it necessary, is it a smart purchase or a waste?) <\/span><\/p>\n

How to Create a Budget (have them budget their expenses, even if they\u2019re\u00a0only small purchases) <\/span><\/p>\n

How to Save Money (when they start working a job, teach them to save a portion of every paycheck) <\/span><\/p>\n

How to Earn Money (be sure to sit down with your children and explain ways they can start to make their own money to them)<\/p>\n

Another issue that\u2019s become common is parents not knowing financial facts themselves: <\/strong><\/h3>\n

The U.S. Bank study<\/a><\/strong> found that 77 percent of parents talk about saving money in\u00a0general and more than half talk about building and maintaining credit. <\/span><\/p>\n

51 percent<\/a><\/strong> of parents think the money in your savings affects your credit\u00a0score, and 52 percent think debit cards and checks help your credit score \u2014\u00a0<\/span>both of which are false.<\/span><\/p>\n

A lack of knowledge leads to parents teaching their bad habits to kids. To\u00a0<\/span>avoid this, focus on fact-checking yourself before teaching your children fi<\/span>nance topics.\u00a0<\/span><\/p>\n

Ultimately, adults with children should start teaching their children the value of money as soon as the children can understand basic math such as addition and\u00a0<\/span>subtraction. Whether that be through games or letting them make small financial decisions, it\u2019s a start for their financial literacy.\u00a0<\/span><\/p>\n

Humanity Wealth Advisors believes in sharing good knowledge and education. We believe your financial wellness comes from knowing good information– after all, knowledge is power and that’s what we’re all <\/span>about<\/span><\/p>\n

The articles we provide are free resources used simply to educate and pass\u00a0knowledge; a knowledgeable investor is a great investor! <\/span><\/p>\n

We’re the financial advisors you want to come to for affordable financial <\/span>planning in the Bay Area. <\/span><\/p>\n

Did someone ask for financial advisors without a minimum asset\u00a0requirement? That’s <\/span>us!<\/span><\/p>\n

Lack of knowledge on market volatility may lead to diversion of financial planning; giving readers information on investor psyche and volatility helps\u00a0<\/span>us meet our goal to educate the general public.\u00a0<\/span><\/p>\n

Contact us <\/span>if online financial advice is crucial to you- we can help you with\u00a0<\/span>that.\u00a0<\/span><\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

83% of U.S. adults said parents are the most responsible for educating their children on financial literacy.\u00a0 At the same time, only 15% of parents said they spoke with their children more than once a […]<\/p>\n","protected":false},"author":7,"featured_media":1832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[50],"tags":[52,53],"acf":[],"yoast_head":"\nSetting a Financial Example for Your Children<\/title>\n<meta name=\"description\" content=\"Wondering if you should take a vacation or save money this year? 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