Mom & Dad…teach me to save, please.

Posted in Young Savers

Would it surprise you to learn that many college students are collecting more debt than knowledge in their undergrad years? Worse yet, it’s spilling into their adult lives. The Wallet explores the reasons behind this trend. Maxed-out cards, lousy part-time jobs and impulse spending contribute to the negative savings rate. How do we turn this around? It begins with teaching our kids how to manage their money. Setting up regular family finance meetings and starting a savings account with your child’s, nephew’s or grandchild’s birthday money is a perfect start.

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  • Carla

    Financial education is sorely neglected throughout a child’s educationl, including college years. I’m shocked that our young people are not even given a basic financial vocabulary. Often parents themselves are just as ill-informed. What can be done? I would hope that parents of younger children ask their local school boards, principals, and teachers about financial content. Certainly if a young person is attending college, they and their parents should request a course in personal finance if one is not offered. And call your local and national government representatives to comment.

  • Gwendolyn B Jackson

    I started saving money around the age of 14 yrs old. I would say that I grasp this concept while watching my brother save money. Gregory my brother always had money and always saved money also. He did not have high paying jobs , but he knew what to do with what he had. Mrs. Gwendolyn B Jackson

  • http://www.stickyasset.com/blog Loyd Ford

    We focus on education for our children in the United States. Are they learning in high school? Are they getting into good colleges? Are they “making the grade”?

    What we DON’T do is educate our children on saving, debt ratio and asset-building for their future, and that is potentially the greatest area in which you could impact your childrens’ entire lives. You know, “give a man a fish, you feed him for a day…..teach a man to fish, feed him for life.”

    We tend to look at money as being so private we don’t talk with our kids about it. The truth is: You should. You should share resources with them. Here are a few:

    http://www.boostmywealth.wordpress.com

    http://www.stickyasset.com/blog

    http://www.suzeorman.com

    http://www.middleclassmoney.com

    For free access to the new Facebook personal finance group “Live The Lifestyle Your Family Deserves,” simply go to the search panel on your Facebook wall and type in “Live The Lifestyle Your Family Deserves.” Click on “become a fan” for instant free access to blogs and more.

    Good luck!

  • Pingback: » Have Family Finance Meetings | Personal Finance Tips

  • http://www.CounselOnFinance.com Dan Sebrell

    I’m working to do my best to teach young adults & children in my area the knowledge to avoid all of these problems in the future. I teach using Dave Ramsey’s materials. http://www.daveramsey.com

  • Bum Soo

    I think it is very simple. Start training yourself to think about the things you NEED and WANT. You NEED a car, but WANT a nice looking car. You NEED clothes, but you WANT expenseive brand clothes.

    My true friends understood my financial situation and took me for who I am. If you have to incur unnecessary costs to see your friends, that’s an insult. If they can’t understand your financial situation, that’s their problem, not yours.