Parent Money Manual: ABA Education Foundation Unveils Financial Education Resources for Parents
Posted on: Thursday, 27 August 2009, 10:52 CDT
WASHINGTON, Aug. 27 /PRNewswire-USNewswire/ -- Who do most young people look to for guidance through the complex world of money? Answer: their parents. Understanding this, the American Bankers Association Education Foundation has developed resources that parents and other adults can use to make kids savvy about money.
"Talking to children about money can be intimidating for parents," explains Laura Fisher, director of the ABA Education Foundation. "But resources like the new Parent Money Manual and the Money Talks newsletter relieves the pressure and makes teaching money lessons easy for parents and fun for children."
The Parent Money Manual includes eight personal finance ideas or activities that parents can use to help their children become wise money managers. The activities are relevant and straight to the point. To reinforce lessons learned through the activities, children and parents can go online www.teachchildrentosave.com to access the Money Talks newsletter and tips on how to set a budget, start a savings account and make deposits regularly. The activities are also available in Spanish.
When talking to children about money, the ABA Education Foundation encourages parents to use the following tips:
Talk openly about money. Communicate your values and experiences with money. Encourage children to ask questions, and be prepared to answer them -- even the tough ones.
Explain the difference between needs and wants, the value in saving and budgeting, and the consequences of not doing so.
Be an example of a responsible money manager by paying bills on time, being a conscious spender and an active saver. Children tend to emulate their parents' personal finance habits.
Bankers are committed to America's youth, and in October many will visit schools and colleges around the country on Get Smart About Credit Day, bringing financial education to life with interactive lessons.
In addition, more than 19,000 bankers accepted the Teach Children to Save Million Child Challenge -- a goal to reach 1 million young people with savings education lessons. Visit www.teachchildrentosave.com to see our progress and a list of participating banks.
For more personal finance tips, visit www.abaef.com.
Parent Money Manual Link: http://www.aba.com/aba/documents/press/abaef/ParentWorkbook.pdf
Teach Children to Save Web Site: www.teachchildrentosave.com
SOURCE American Bankers Association
Source: PR Newswire
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