2017-04-20 / Community News

Help Your Kids Understand Financial Basics

April is National Financial Literacy Month, and it’s the perfect time to start talking with your children—no matter how young—about financial basics. Although many schools are beginning to teach personal financial education, research shows that most children determine their attitudes about money by the fifth grade. So it’s imperative as a parent to take matters into your own hands to help set your child on the path to financial success.

The most important thing you can do to prepare children for their financial future is to have honest, thoughtful and regular conversations about money. It is never too early to start teaching your child basic money matters. Below are five tips that can help children build a solid understanding of financial basics and instill positive habits they’ll carry into adulthood. Here are a few things you can do to help your child learn more about handling their money wisely:

. Discuss Money and How Spending Works

. Give an Allowance and Set a Goal

. Decide How to Store Money

. Visit a Bank with Your Child

. Practice Budgeting

In addition to doing these things at home, many community banks offer financial education programs for children throughout the month of April. Contact your local community bank to find out activities it is hosting for Financial Literacy Month.

This information is intended to be a helpful guide, not specific professional advice.

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