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As students settle back into their school routines, the Missouri Collectors Association is reminding parents that it’s important for kids of all ages to learn about financial literacy. The association gives helpful tips about financial management that grown-ups can use to make the process easier for their kids. KSMU’s Rebekah Clark has more.
Mark Schiffman represents the Missouri Collectors Association and has three kids of his own. He says he and his wife have different methods of teaching their boys how to be smart with money.
"A couple things we do: one is allowances. We’re trying to help them understand the value of savings. Not only savings, but earning—you earn money based on the chores that you do; when you’ve earned that money, teach them to put some away for savings, for things they may want down the road. As you know with kids, sometimes they want to run out and spend it all right away.”
Schiffman says the MCA thinks it’s important for parents to talk to kids about financial management, even at an early age. Start with small things, like allowances, and work up.
“The world around us involves people actively handling money, giving thought to money—credit, debt, those types of things. What we’re advocating is that you are never too old to start learning about proper ways to handle your money, to learn the basics of credit, and those types of things…and help, what we say, enhance financial literacy.”
Here are some tips given by the MCA that might come in handy when teaching a child about financial responsibility.
Besides starting children on some kind of allowance, the MCA recommends:
Taleyna Morris is a mother of two in Springfield. Although she says she doesn’t do set allowances with her kids, she does have specific chores they can do to earn a few extra dollars. I asked her what she thinks is the most important role for a parent in teaching kids to manage money.
"I think talking to your kids at their age level, and kind of adding on to that piece by piece as they grow older, so they both see you doing something, but they also know why you’re doing it.”
The MCA also presents programs to high schools, and offers college scholarships to some participating students. Educators interested in booking a program can click on this story on our website: www.ksmu.org.
For KSMU News, I’m Rebekah Clark.
For more information on booking a program at a school: contact Al Jones at 1-660-815-1267.