April 05, 2022
Financial Literacy for the next Generation
It’s true Miller Management’s focus is on church and nonprofit finance and payroll. However, we also realize that the staff and volunteers on your finance team will one day retire. Hopefully not anytime soon. But we want to make sure that the next generation is ready take over.
Financial Literacy Month April 2022
Most of the responsibility of financial education falls to the parents; and sometimes financial classes at their school. Today, we want to provide those parents with some resources to keep financial health in your conversations with your kids.
School-Age Kids:
For this stage of life, the basic foundations are being formed. From the most basic of “What the purpose of money is.” To “Things have different values.” This is a good time to introduce the difference of “want” and “need.” Family values around money should be shared as ongoing conversations, at an age appropriate level.
Once children reach the age of getting jobs, more details should be introduced from the foundations. The importance of spending within your means. How to set up a save, gift, spend model as an individual – not just the family. And start learning all the expenses a person really incurs.
Ideas for educating kids:
- 13 Kid’s Budget Worksheets (Plus Sample Budget Template for Teenagers) (moneyprodigy.com)
- 15 Fun Crafts To Teach Financial Literacy To Kids (kasasa.com)
- How Can I Celebrate Financial Literacy Month with My Kids? (twinkl.com)
College-Age:
During this stage of life, we’ve moved beyond the foundation – sometime in the high school years. Now it’s more about becoming financially autonomous, if they aren’t already. Really grasping all the expenses the real world actually incurs. The best ways to make, spend, save, and give money should come back into the picture as well.
This time of life is an opportunity to talk about debt, credit cards, and net worth in more detail. Especially if your student will be acquiring student loan debt.
Ideas for college age people:
- Make The Most Of National Financial Literacy Month – Society19
- Best Finance Podcasts by Topic – The Balance
Another resource we want to mention is our friend, Rollie Dimos’ book: “Balanced Budget Balanced Life.” This book could be a good resource for a budget newbie or someone wanting to get back on track. He provides worksheets, stories, and examples in an easy-to-process way.
Previous Financial Literacy Month Posts:
We’ve participated in previous financial literacy months and those posts can be found below. You can also find even more ideas on our Pinterest “Finance” board.
In conclusion, when guardians or educators take the time to talk to their children about finances at a young age, it sets them up for greater success in the future. And out of those talks, an individual may learn a love of numbers and may want to one day serve on a finance team.
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