April Is Financial Literacy Month: Children Can Earn While They Learn
All parents want to provide the best for their children and this includes helping them prepare to face the daily challenges of everyday living with financial literacy. Today and in the foreseeable future, financial literacy is going to play a primary role. At least a working knowledge of this subject is crucial for a child’s development and secure future.
It is therefore surprising, that according to the Council for Economic Education, financial literacy courses are required to be taught in high schools, in less than one third of the States. This places the responsibility onto the parents, to teach their children how not to make the same financially related mistakes as they did during their own development.
An obvious method of teaching children financial literacy, not only the value of money, but also sound management of it, is by way of an allowance. This will help them determine spending priorities and separate needs from wants and incorporate budgeting and savings awareness. The allowance should be equal with the ages of the children; therefore, if they are in elementary school, a weekly allowance, the equivalent of their ages would be a good start.
Middle school ages cold have their expenses reviewed and a reasonably workable amount determined. For those at high school and college, students could receive a monthly amount deposited into a check account, which would add to their financial literacy capacity.
Working to earn money is a normal part of life for most people and children can be prepared for this reality by learning through performing traditional tasks. They could include the usual baby and pet-care, home chores and in this day, their abilities with computers can also be pout to good use. The United States Small Business Administration website provides excellent advice for enterprising teenagers.