5 Sure Ways To Set Your Kids Up For Financial Success

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Talking about money is taboo to many Americans, leaving parents hesitant on when it is appropriate to discuss funds with their children.

Kids are like sponges, they will pick up everything they hear going on around them.

Don’t wait for the media to teach your children about handling money, let them know smart ways to build a promising financial future now.

While discussing exact dollar figures in your budget is extremely boring for a child, and likely beyond their understanding, talking about the how and why of a budget is healthy.

One of the world’s largest investment management firms, Capital Group conducted a survey of 1,202 adult US investors to find out just how parents can set their children up for success.

Many parents regretfully wait until their children ask them about money, or until the children are working, to address financial pitfalls, with 30% wishing they had begun such talks earlier.

Millennials and Gen Xers are more statistically likely to begin having “financial conversations” earlier than the baby boomers, which could have potentially frightening consequences.

According to Pew Research:

Millennials and Gen Xers increasingly identify as liberal Democrats,” while “more Boomers, Silents identify as conservative Republicans”

Liberals tend to rely heavily on government assistance for their financial well-being and future, creating unstable portfolios that hang in the balance of federal mandates.

Conservatives need to shift the balance on talking with their children about money issues, so the next generation is strong, independent, self-reliant, family focused individuals with their finances.

Where to start?

The survey revealed five key areas of financial prosperity to begin talking with your kids about right away.

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