Mar 22, 2022
5 financial literacy lessons — from parent to parent
Our friends at Scary Mommy will be the first to tell you: When it comes to money, parents are the biggest influencers (no pressure!). Every parent wants their kids and teens to have a healthy relationship with money. So, how do you know you’re doing it right? We heard from a few parents about how they use Greenlight to tackle money lessons. Read on for some friendly financial literacy advice from parents who aren’t afraid to get real about the challenges — and rewards — of raising financially smart kids.
Lesson #1: Healthy financial habits start at home
In one study, 41% of parents were hesitant to talk about finances with their children. Considering only nine states require at least one semester of financial literacy in high school, money lessons must happen at home. To achieve this, one Fatherly parent recommends using everyday experiences to talk about money — from separating wants vs. needs to covering concepts like saving and investing.
Lesson #2: Financial literacy beats financial anxiety
If personal finance gives you more jitters than one too many cups of coffee, you’re not alone. Scary Mommy asked their audience to share money confessions — and they got really… real. It happens to the best of us, but as a parent, you don’t want it to happen to the best part of your life: your kids. The good news? You can help prevent money scaries by teaching kids and teens how to confidently manage their money early on.
Lesson #3: Dive into the world of investing — together
Even if you feel good about teaching money basics like earning and saving, investing is a whole other ball game. You don’t have to be a Wall Street pro to help your curious teens learn about investing. Just give them the tools to do it and you can learn together. And hey, there’s no shame if they lap you with their financial literacy knowledge. It’s just the mark of a job well done.
Lesson #4: Teach them what you know now (that you wish you knew then)
Every parent has a money lesson or two they wish they’d known when they were younger. We can’t change the past, but we can set the next generation up for success in the future. Whether you spent all your earnings from your first job or totally missed the memo on budgeting, talk about your past experiences — and how they can avoid them.
Lesson #5: Talk the talk and walk the walk
Last but not least: Lead by example. Your kids and teens will model your actions. So, as one parent from The Dad recommends: “Be the positive change you wish to see in your home.” Greenlight’s visibility can help teens avoid sticky situations (like splurging on the latest tech) by showing them how spending is a reward for saving.
We’ve got your back
Whether you’re 15 or 45, money is complicated! As a parent, it may feel intimidating to bring up the subject with your kids, especially if you’re still shaping your own relationship with money. Greenlight is here to help money convos — and lessons — happen at home. Want more advice from parents who are in the same boat as you are? Press play to tune in to a convo about parenting hacks for raising a confident tween.
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