As a parent of four children, I fully understand how easy it can be to delay tough life discussions.
Yet chances are that in the age of information, our kids are probably fully knowledgeable on numerous topics before we approach them with "the talk." That is except for the talk about personal finance.The statistics on the average teenager's level of financial literacy are alarming. Consider that only 14% of teens have taken a personal finance class or that high school seniors can answer only 48% of financial literacy questions. Couple those statistics with the fact that the influence of the 18 and under group on spending decisions continues to escalate.Related: 5 Critical Questions Every Trusted Advisor Must Be Able to Answer
It is no wonder children have become the target of billions of dollars spent by consumer product companies each year on advertising. Yet despite these trends, only about 20% of parents involve their teens in the family's budgeting and spending decisions.When it comes to helping educate the future generation on responsible money management
, this is clearly an opportunity for you to step up and fill a significant void. Over my next few posts, we'll dive into this topic further and discuss ideas that you can share with clients on bringing home the money discussion.