In just the last few months, interest in Henske’s book and its concepts have exploded. “It’s really been mind-blowing,” he says. “It seems like I’ve struck a chord with parents who are a little embarrassed that they haven’t taught their kids about money, and—especially for the parents of younger kids—they’re worried that if they don’t focus some time on their children’s financial education, then what?”
Teach them about compound interest. “If you can get them excited about what compound interest is and how it works, that will drive everything else for them. Because once they see their money compounding in an account, they’ll also start thinking about budgeting [to increase what they can deposit into an account], which will lead to learning about investing. If you get the compound-interest lesson right, then you’re off to the races.” GISS Henske isn’t the only kids’ financial crusader. Nancy Phillips is the author of the popular Zela Wela Kids series, an inviting, neatly designed set of volumes that teach young children a variety of life skills. At least one in the series focuses on basic money management techniques for children and young adults ages five to 17, so they will be better equipped to make wise financial decisions and successfully control their financial future. In a recent podcast, Phillips, the mother of two, commented on the appropriate age to begin teaching kids about money. “We know now from extensive research that children learn their belief systems and attitudes about money at the same time as they’re learning about everything else—that is, in their formative years,” she notes. “So we have found out that children actually have their money beliefs already in place by the age of seven. That means we need to start way before that—kids as young as two or three understand [a basic transaction], that you’re giving something and getting something back.”
Pique their interest Henske believes that social media, if harnessed properly, can be a key to younger people desiring to learn about the ways and means of money management. “If you can make your kids curious about money, instead of them just glancing over those topics on whatever social media platform, they might just stop and take a look at sites, news and information about money,” he explains. Here are some suggestions from Henske on how to stimulate and nurture children’s interest in money: It’s important for kids to have money in their hands—some capital—in order to learn how to manage it. “Whether it’s from their allowance or odd jobs like babysitting or mowing lawns, we— as adults—need to teach kids how to accumulate money. Giving kids income-earning opportunities can get them to focus on purposeful work and grow their unique personal interests. And the possibilities are virtually endless.” Teach them the value of a dollar. “The way to do that is simple: Just walk around with them and ask them, ‘How much do you think this or that costs?’ ”
“Children actually have their money beliefs already in place by the age of seven. That means we need to start way before that.” Nancy Phillips Author, Zela Wela Kids
IN YOUR CORNER ISSUE 13 | 2023 20
Made with FlippingBook flipbook maker