NUMOOLA INSIGHTS: FINANCIAL LITERACY FOR THE FAMILY
Financial literacy in the United States is at an all-time low. In a recent survey conducted by MassMutual, American Millennials were asked 5 basic financial literacy questions. Only 17 percent could answer all five correctly.
Children want to learn more about money management and they’re looking to their parents to teach them these critical skills. Most young adults (69 percent) say their parents are good financial role models and their most trusted source for financial advice compared to a bank, online resources, and friends. Young people also indicate strong interest in learning how to manage their money, with 71percent wanting to learn how to make enough money to reach their financial goals.
At NuMoola, our mission is simple: Prepare today’s kids for tomorrow’s financial hurdles. We foster these essential financial skills by equipping children with educational tools and real money.
The key to this is that your approach must be age-appropriate. The way you demonstrate financial lessons to your kindergartner will look very different than your discussions with your high schooler. But regardless of age, all children need to understand basic concepts like saving, spending, donating, and investing.