Tough times teach lessons
Plenty of adults get into financial trouble through no fault of their own, especially in a sluggish economy with double-digit unemployment. But often, those who learned valuable financial lessons at an early age fare better when times are tough.
For instance, when credit counselors at CredAbility help their clients develop budgets, make housing decisions and find ways to start saving, "the majority of the clients we serve always say, 'I wish somebody had taught me this when I was younger,'" says Jessica Cecere, regional president of the South Florida branch of CredAbility, a national nonprofit credit counseling and education organization.
That's why it's important for parents to be intentional about imparting their financial values and good financial habits to their kids. "While schools can reinforce these lessons, it really needs to come first from the parents," Cecere says.
Read on for five tips for raising money-smart kids.