Financial Illiteracy is now an Epidemic
"Financial illiteracy is an epidemic in the U.S., and it's coming at a time when the economic climate is changing rapidly," says Vince Shorb, CEO of the NFEC (National Financial Education Council).
According to a annual financial literacy survey conducted by NFEC, 15% of
people admitted to losing $10,000 as a result of financial illiteracy. That means
that financial education has never been more important than it is today.
Help your kids learn how to handle money responsibly with these two simple
- Allowance Practice: Give your kids an allowance and have them practice managing it. They can learn about saving, spending, and making smart financial choices. They can also earn their allowance by doing chores in the house, this teaches them to be financially responsible with their money. With the Earlybean app, your kids can get paid for completing tasks you assign to them.
- Board Games: Classic board games like Monopoly, help you teach your kids about money in a fun way. What better time to plan a family game night than this summer.? You can use the fun environment to talk to your kids about different money topics