Parents are responsible for teaching their kids everything, from using the toilet to driving a car. That is a lot of responsibility. But there is another one to add to the list.
Cambridge’s study shows that by age 7, most children can form their foundation attitudes to money from their parents, and the attitudes can stay with them for life.
Many researchers believe that one of the biggest issues parents can face is that their kids lack money education in the school system.
So how to make your child financially smart?
Being financially smart means being in control of all matters related to your money. It’s not always correlated with wealth.
There are rich people who are bad with money, while there are people with average income but wise with their money. Financially smart is a trait we all should aspire to have.
In this video, John Bogle talked about how to teach children financial literacy. He believed that each child is different and suggested that parents should introduce financial knowledge when they are teenagers. Parents need to let their children choose their own ways to learn finance and grow interests in the area.
John Clifton “Jack” Bogle was an American investor, business magnate, and philanthropist. He was the founder and chief executive of The Vanguard Group, and is credited with creating the first index fund.
Source: Finance Jane
