by Pam Reiss
Americans today are having a difficult time saving money for the future. In fact, the independent research firm NextAdvisor recently found that nearly one in every four Americans has no savings at all. With recent history showing how unstable economies can become, parents today would be well-advised to educate their children about the importance of personal finance.
As of now, only 17 states have personal finance classes as a high school graduation requirement. If you live in one of the 33 states that doesn’t have this requirement (Connecticut is one of them) it might be wise to find other means of educating your children in this area.
Here are three tools the Milford Banks Cent$ible Kid$ Program employs to help teach your children personal finance:
1. Games: Yes, kids love games and, oftentimes, parents worry they might love them too much. But when games are educational, research shows it helps children learn. Computer games, like “Cash Puzzler” and “Road Trip in Savings” available through The Milford Bank’s program, entertain kids while teaching them lessons about money and spending.
2. Savings account: Cent$ible Kid$ operates by giving children their own savings accounts. Along with responsibility for this important personal finance tool comes a chance for these young owners to develop their own plan for savings.
3. Newsletter: Visual learning is important to children. Their young minds are receiving educational stimuli when they read our Cent$ible Kid$ newsletter. To get a taste of our children-friendly newsletters, that provides children with visual learning materials, check out the latest here.