Teach Your Children...Well?

Peck, Maureen
October 2004
Journal of Financial Planning;Oct2004, Vol. 17 Issue 10, p10
Academic Journal
This article discusses the significance of preparing children to handle their own financial futures. Adults certainly have to make wise financial decisions if they are going to provide for their families and have comfortable retirements. And they should also do all they can to prepare their children on how to manage their own financial futures. Part of the problem seems to be that parents do not talk with their kids about financial literacy and competence. According to a study by Northwestern Mutual, fewer than 40 percent of parents say they talk about finances with their children. In the August issue of this journal, Eileen Gallo and Susan Beacham convey a similar concern that parents are instilling a sense that money discussions at home are something to be avoided. Authors acknowledge the important role that parents and schools should play in laying a sound foundation for a child's financial knowledge, but wonder if young people might also be well served if they learn about money management from their peers. Financial legacies are not established only in estate plans. Adults are also charged with the responsibility of leaving a legacy of financial smarts.


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