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April 24: Teach children to save day

April 22, 2015

Here’s a great idea

A recent survey from America Saves found that youth aged 16-19 know it is important to save, but don’t know how (http://www.americasaves.org/blog/1109-focus-group-results-show-young-adults-know-it-is-important-to-save-but-no-one-is-showing-them-how).  The results of this study show the importance of financial literacy.  April is National Financial Literacy Month and April 24 is Teach Children to Save Day.

In other words

One way youth learn about money management is from the adults in their lives. Talk about money. Take the mystery out of personal finance. Some young adults head off on their own nearly clueless about money management. Children of all ages can learn about money. Be a good role model. We live in a world of conspicuous consumption. Children and adults are bombarded by advertisements. Credit is readily available and overspending is easy. Good money management skills are necessary to avoid the pitfalls. Start the saving habit early.

How this applies to you

Financial literacy is important in teaching our children how to establish and maintain habits that will lead to financial security. Saving money should be part of everyone’s financial plan. Saving helps prepare for emergencies, achieve future goals, and build wealth. Very young children like to see their money. Let them save in a jar or a piggy bank. A savings account is a great way for children to learn about using a bank or credit union. Teaching children to save early on can create a positive habit that will last a lifetime.

To find out more

Check out our free online course, Kids & Money. Discover easy ways to help your kids learn good money management skills. Go to http://courses.uaex.edu/ and click on Kids & Money to view this one-hour, video-based course.

Learn more about personal finance at http://www.uaex.edu/health-living/personal-finance/default.aspx. The Cooperative Extension Service has the latest research-based recommendations on money management to help you improve financial stability.

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