Teaching Kids About Money (From Men’s Health)

Posted May 29, 2014 by jimhigley

I’m proud to be a fatherhood contributor for Men’s Health magazine and hope you’ll check out this story about teaching kids about money:

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Make Your Toddler a Financial Tycoon

INTRODUCTION

Here’s what we know about kids who understand finances: They tend to be less materialistic, and they usually feel better about themselves. “We’ve seen young people’s self-esteem increase by 6 percent after they were introduced to money concepts,” says Tim Kasser, Ph.D., a professor of psychology at Knox College who studies materialistic values and goals. But only four states—Utah, Missouri, Tennessee, and Virginia—require kids to take a specific course in personal finance. It’s up to you to teach them about spending and saving—and start early, says David Walsh, Ph.D., the author of Smart Parenting, Smarter Kids. “Money skills are a form of intelligence,” he says. “And just like languages or critical thinking, they’re best taught while your child’s brain is developing.” (READ THE REST OF THE STORY HERE)