Three ways to help kids learn how to manage finances
By: Erica Greenway
and last updated 2021-04-29 18:20:46-04
NORFOLK, Va. - For many people, their first real experience with budgeting and finances doesn t come until they re 18 and moving out on their own.
But parents should start having these conversations much earlier, according to Nathalia Daguano Artus, Director of Community Development and Reinvestment at Atlantic Union Bank.
She says research from the University of Cambridge suggests we start forming spending and saving habits early, and they may set by age seven.
So, how young can you start teaching your kids?
Nathalia Daguano Artus: The building blocks of financial literacy
Published Sunday, Apr. 18, 2021, 7:02 am
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Nathalia Daguano Artus. Photo courtesy Atlantic Union Bank.
It is never too early to start teaching children how to manage money, especially since the window for establishing good habits may be short. University of Cambridge research suggests spending and saving habits are formed in early childhood and are set by age seven.
Do not underestimate a child’s ability to understand money. We make financial decisions every day for our family, and children will only benefit from being part of the conversation. Whether you offer your children a three-jar allowance, or help them open their first bank account, there are many ways to include kids in the financial planning process. Here ar