MORTON, Ill. — Every parent wants their child to succeed academically and socially.
One study shows 69% of parents are reluctant to talk to their children about money. That same study also shows 1 in 5 parents never talked to their children about money until they turned 18.
Experts believe part of the problem is that parents expect schools to teach their kids everything they need to know. But they say there are different things parents can do to teach the importance of saving, compound interests and credit.
“This tool that we have called money, it can work for us and it can work against us, if we teach these children early on and they can have years of dollars working for them versus against them, it can mean the difference between wealth and poverty,” KingdomPurposes.net website founder and CEO Phil Cooper said.
One way Cooper said kids can see success is by saving money for them each month, then having them take that over when they are old enough. For example, if you start out by saving $100 a month, your child would have $4 million saved by age 65 due to compound interest.
More of Coopers tips for teaching kids the value of saving money can be found at https://kingdompurposes.net/.