At Extreme Investor Network, we understand the importance of teaching our children about investing and financial literacy. It’s crucial for parents to equip their kids with the knowledge and skills to make sound financial decisions, especially in today’s fast-paced digital world.
According to a recent survey conducted for the SIFMA Foundation, a non-profit organization focused on financial education, a majority of parents feel it is critical for their children to learn about investing. However, only 22% of parents are “completely confident” in their ability to teach their kids about investing. This highlights the need for additional resources and support in educating children about personal finance.
In response to the lack of financial education in schools, parents are looking for alternative ways to teach their children about investing. 74% of parents surveyed stated that they would consider moving their children to a school that offers financial education and investment courses. With only 26 states currently requiring a personal finance course for high school graduation, it’s essential for parents to take an active role in teaching their children about money management.
One valuable resource that parents can utilize is financial advisors. These professionals can help start and expand conversations about investing with young people. Stacy Francis, a certified financial planner, emphasizes the importance of educating yourself and your children about finances, especially during times of economic stress. By having informal and engaging discussions about money, parents can instill good financial habits in their children from a young age.
In addition to seeking advice from financial advisors, parents can also provide hands-on experience for their children by opening custodial Roth IRAs. Catherine Valega, a Boston-based CFP and mother of four, recommends opening these accounts for minors with earned income. Children can watch their investments grow over time and learn valuable lessons about saving and investing for the future.
At Extreme Investor Network, we believe that educating our children about investing is crucial for their financial well-being. By providing them with the knowledge and tools to make informed decisions, we can set them up for success in the long run. Join us in empowering the next generation to become savvy investors and secure their financial future.