Becoming a good money manager requires practice and conversations. Adults share the responsibility of helping youth and young adults learn how to manage their finances well. Conversations with adults help young people understand the importance and power of money management. Whether you’re a parent, grandparent, teacher, coach, or friend, you can help youth learn how to become good money managers.
Where are those golden opportunities to talk about money with our kids? This and more!
Reading a story with a child is an easy way to share your financial values and begin the money talks.
No simple answer exists, but we do have ideas on how to have this conversation with partners and teens.
Talking about money can be tough. We tend to have all kinds of values, mixed messages, emotions and more tied to our money conversations. For some people, the last kind of talk they want to have with family is “the money talk.” Unfortunately, this means our children may not be as prepared to handle their finances when they’re adults.
Talking about money in good times is hard enough, but when life is not going well, it's especially hard. Communicating with Children during Stressful Times is an excellent resource to review when you need to have challenging conversations.
Make the time and space to talk to youth about money. Not sure what to talk about or do with your children related to money? You can begin with simple, daily financial topics. Explore the resources below for ideas you can put into action.
Blogging about raising financially-savvy children is a favorite at Illinois Extension!
How can caregivers help youth who are earning their own money develop healthy financial behaviors? It is important to start by exploring who you are with money ... read more.
Youth manage money better as adults if the following happens while they are young:
Conversations about money happen regularly
A savings account is opened in their name
They are given opportunities to practice using money and to talk about these experiences.
Do you have youth and teens in your life? This summer may be an excellent time for them to learn skills and knowledge they need to be good financial managers as adults. Read more.
I relied on my family for support (e.g., housing, car), and without that assistance, I would have struggled to get to my jobs and have a safe place to live. There are debates about the markers of financial independence. Read more.
Choosing someone to raise your child in the event you die is a daunting task. Often this decision involves a conversation with your partner, as well as the potential guardian. Not an easy topic, but extremely important!
To help your children grow to be financially-savvy, take a look at what motivates and impacts your financial behaviors. Explore the You and Money resources.
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