20 Ways to Teach Kids How to Save Money Responsibly at Any Age

There are ways to empower the next generation, and that starts by teaching children the importance of saving from a young age. In school, we aren’t really taught about the importance of saving and many of us find that as adults, we have to fend for ourselves.”

A 2012 study by the American Institute of CPAs found that more than 60% of American parents doled out allowance money to their kids.

That’s the good news.

The bad news: The same study found that just 1% of kids save any of their allowance money. That doesn’t bode well for the next generation’s financial fitness.

As a parent, you can’t highhandedly boost the next generation’s collective financial IQ. But you can take some commonsense steps to raise your own brood’s game.

I asked more than a dozen personal finance experts for advice on what parents should do, and when, to prepare their kids to spend and save money wisely as they grow – and to ensure that they continue to practice good fiscal hygiene when they finally leave the nest.

 

Read more: https://www.moneycrashers.com/teaching-kids-save-money/

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