Teaching the Next Generation Better Money Habits
Parents have the privilege of teaching their children skills and habits they’ll carry with them throughout the rest of their lives. How the next generation handles money may be one of the most important lessons that parents pass along to their children.
During an insightful conversation with Carley Dillon, VP of Client Experience, our CEO, Jon Jones, shared some of the philosophies and tactics he and his wife, Gretchen, used when teaching financial responsibility to their children.
Carley’s questions and Jon’s storytelling provided insight into three main points –
- There are no prescriptive methods – every family is different.
- Introduce the concepts early – items cost money and there’s a difference between “essential” and “non-essential” purchases.
- Implement a budgeting system that allows for autonomy – by taking the parents out of the decision of what their children can and can’t buy, they learn how to prioritize their own money.
Explore the additional resources below to help as you navigate the dynamics of your family and further develop your children’s understanding of core financial concepts.