Good money habits start in childhood, says ParentDish.com in an article written by Meredeth Cardona. She states, “a survey from the bank HSBC found most people who described themselves as “active savers” started young: 57 percent said they had been saving since they were children and 51 percent started after getting their first job. More importantly, 73 percent said it was their parents who taught them the value of saving money.”
In the article, Meredith quotes me as recommending that parents start kids on allowances when they are the right age, so they can start spending their own money. She says, “Financial planner Rick Kahler, of Kahler Financial Group in Rapid City, S.D., started his two sons at 5, with gradual increases until age 10. Then, they can do optional chores to earn more money, says Kahler, the author of “Conscious Finance” (Foxcraft Inc., 2007).”
All that is true, except for the “two sons” part, since I’m actually delighted to have one son and one daughter. The article makes some excellent points. You can read it here.