Teaching Children to Manage Money
by Indiana Secretary of State Todd Rokita
Consider this: the latest version of the classic board game Monopoly trades in cash for debit cards, but does it explain to children what overdraft charges are or how to maintain a register of transactions? What about the Barbie doll that comes equipped with her own credit card and cash register? When she swipes too many times, her balance resets without requiring any payment. What message does that send children about the reality of using debit and credit cards?
Establishing good money management habits and a solid understanding of financial concepts is important for Hoosiers of all ages. But it’s especially important for younger generations to understand how to manage money even at a young age, giving them a solid foundation for when they enter the “real world” later. Today’s youth are tomorrow’s spenders, savers and investors. It’s critical that we stay invested in their future and make financial literacy a focus of their education.
April is national Financial Literacy Month, highlighting the importance of establishing and maintaining healthy financial habits. Simply put, financial literacy is a basic understanding of personal finance. It includes concepts like budgeting, saving, investing, insurance, understanding how credit and debit cards work, retirement planning and much more.
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