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Consumer News FDIC Consumer News Special 10th Anniversary
Edition - Fall 2003 Teaching Kids the Financial Facts of Life
Ideas for raising financially responsible children We try to
teach our kids to be street-smart, musical, athletic and even
computer-literate. But teaching them the value of money can be
more difficult than getting them to clean their rooms. Experts
who specialize in money matters for children generally agree on
the need to teach them "the three Ss:" Give an allowance. This
can be one of the best ways to teach kids, even as young as five
or six, about money, taking pride in their management skills,
and becoming more charitable. Consider giving the allowance
money each week in small bills or coins that can be apportioned
into three clearly marked envelopes or containers one for each
of the three Ss. Help your child start a savings account or
invest in a mutual fund or stock. You may also want to consider
rewarding your child for s