Many parents are playing a stronger role in their children's financial education as a way to improve their literacy and ensure they develop a strong understanding of money management best practices.
When it comes to instructing their kids on a variety of financial topics, many households rank bank accounts, namely savings funds, as the most crucial subject to cover. A 2012 CouponCabin.com survey reveals that 78 percent of parents prioritize teaching their children the importance of saving money via a bank savings account. Creating a budget came in second place, with 75 percent of parents focusing on this topic, and teaching kids how to be frugal came in third place at 72 percent.
"It can be tough to fit in financial learning amidst busy school and activity schedules, but many parents take advantage of everyday happenings to talk to their kids about good money habits," said Jackie Warrick, president and chief savings officer at CouponCabin.com. "Start conversations with your children when you pay for something at the grocery store or they see you using coupons. Small and natural discussions about money can be the best building blocks to raising financially fit kids."
The stronger need for financial literacy among today's youth has resulted in the expansion of community banking and credit union programs to include additional financial education resources for young adults.