One of the greatest gifts a parent (or anyone) can give this Christmas, is one that keeps on giving for a lifetime: financial literacy.
The earlier we can get our youth to think about their financial options, the better prepared they will be to contemplate decisions such as college and career options.
For grandparents and other relatives, cash is often the default gift for young people at Christmas. Whether it’s twenty dollars or a check, put into a Christmas card, money can become the basis for teaching a variety of financial lessons about saving, spending and even investing.
Whether we give a piggy bank, which has taught children how to save money for generations, or more sophisticated savings and investing accounts, it is important to help put our youth on a path to developing sound financial habits.
Today, that trusty piggy comes in a variety of forms that can help children understand many other financial concepts.
Several board and video games built around money and investing, from the old standby Monopoly to more sophisticated online versions, can also help to boost financial awareness.
There are also several books and apps that are excellent tools to help teach children about financial management.
For teenagers, it may be time to consider giving them their first debit card. An allowance can be transferred to a debit card that is attached to an adult’s bank account. This can also help teach the youth about financial responsibility.
Charitable donations made in a child’s name can also teach them a lot about social issues and money.
For high school students, a donation to a charity of their choice can help reinforce a family’s values and raise awareness about taking action to solve problems. It’s a way to help children define what’s important to them and also demonstrate another use of money.
Older teens might also benefit from a newcomer on the financial gift scene: a session with a financial planner.
Giving them an hour or so of time, with a qualified financial advisor who can answer questions, can help children begin to define their short and long term financial goals.
Throughout the month of December, SamuelFields Consulting Group (SFCG) is celebrating Sowing Financial Seeds of Financial Knowledge, on their weekly 𝗟𝗜𝗞𝗞𝗟𝗘 𝗕𝗬𝗧𝗘 𝗜𝗗𝗘𝗔𝗦 𝗦𝗛𝗢𝗪, to support persons who wish to start an intentional journey with money.
“In this fast-paced financial world, it is very easy to get lost in the weeds and lose sight of the basic principles of managing your money, that are essential to long-term success. This Christmas, let us gift ourselves and our loved ones, with better financial knowledge,” said Megan Samuel-Fields, CEO of SFCG.
Finance themed gifts may not be greeted with oohs and ahs. But these lifelong tools for financial independence and wealth building, could become a priceless present for all ages, this Christmas season.
For more information about how you can give the Gift of Financial Literacy visit samuelfieldsconsulting.com or contact us at [email protected]
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