According to the National Financial Educators Council, over 51% of 15 to 18 year olds failed a national financial literacy test in 2023. Many schools across the US do not have a formal financial curriculum, therefore leaving children to rely on the knowledge of their parents. Money Mindfulness Expert & Author David Delisle joins Wealth! to give insight into financial education for families.
Delisle explains that vacations may be a good place to educate kids about financial literacy: "If we’re trying to teach them lifelong goals or budgeting or doing without, it’s hard with the time frames, but with vacations, we can simply give them the money we plan to spend on them anyway for, you know, treats and souvenirs or toys or ride ticket, and let them start making those decisions. The stakes are low. If they end up spending all of their money, that’s fine. If they buy something they didn’t like, that’s fine. It’s a great opportunity for them to start having a little bit more autonomy, understand the value of money, and making those decisions themselves."
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