Certified financial planner Cory Moore suggests a spotlight on investments to teach lessons on consumerism and ownership. Ask: How much did your Nikes cost? $100 or more? Then explain that to own a share of Nike stock is about $100, too. Moore uses this demonstration, Buy a Pair, Buy a Share™, to teach students that owning is almost always cheaper than consuming. The digital dollar Ten years ago, cash was the common form of payment. Now, Lee says, it is rare. “There has been a tremendous change in how we look at finances and manage them — even [from] 10 years ago,” recounts Lee. “This poses extra challenges teaching in the classroom and at home.” Nearly 60 percent of parents have come across useful parenting information on social media, according to the Pew Research Center, including a mix of interactive games, videos and other multimedia that will open the door for conversation and skills-building about finances. During gaming, pay attention to how your child approaches decision- making and which decisions seem easier for them than others. Incorporate tangible tools like Greenlight, a debit card for kids and teens that rewards good money habits, to increase their comfort with cashless transactions. Ask which medium they prefer using and discuss what that means.
For high school students: Tell them — and then show them — how to be fiscally responsible. “As kids get closer to graduating, they start to ask, ‘Well, how do I do that?’” explains Brenda Beymer-Chapman, J.D., director of social studies education for the Oklahoma State Department of Education (OSDE). A recent Survey of the States study by the Council for Economic Education found that high school students who were required to receive personal finance instruction were more likely to make smarter decisions about paying for college, more likely to choose less expensive financing options and less likely to carry credit card balances. Parents can create healthy money habits and demonstrate money as a tool through dialogue. Seek conversations that encourage kids to give thought to the benefits and costs of their choices: Can I buy whatever I want with my debit card? How should I D.I.S.S. (donate, invest, spend or save) my money? According to MidFirst Bank, it is easy for a child to see a parent spend, harder to see a parent save and nearly impossible to see what a parent didn’t spend. Model that process for your high schooler. As one of their earliest role models, Beymer-Chapman recommends parents support classroom learning about finances by showing children the family budget, where you bank, the types of accounts held and where you invest.
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