Money Matters: Teaching Financial Values

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As parents, encouraging and supporting financial literacy for our children should be a top priority. Because it is not just about money – it's about values. Financial education develops a lifetime of independence, good judgment and responsible habits. Lenox Advisors developed Lenox Money Smart Kids,™ a free resource dedicated to helping parents raise financially literate children. We recognize raising children is hard; raising financially-literate, well-rounded and grounded children is harder still.

Do these questions and issues keep you up at night?

  • I'm not sure how much allowance my child should get and I don't want to give him or her too much or too little. How much is appropriate, and at what age?
  • When are the best ages to begin opening a savings or checking account; give my child a cell phone, credit card…?
  • Our teenage daughter is constantly overcharging her credit card and her cell phone bill and won't pay them, in full or on time. Then she asks for more money. What can we do?
  • The only thing my kids want to do with their allowance is to spend it. How can we introduce the ideas of saving, charity and philanthropy?
  • Our 9 year old has developed an avid curiosity about how much money the family has and we're not sure how much to share. Do you have any guidance?

81% of parents feel it is their responsibility to teach their kids about money and savings, 1 however 44% admit to needing more guidance on how to best teach their children the skills necessary to become financially responsible and successful adults. 2 Only 33% of parents say they talk to their kids about money more than once a week. 3

The Lenox Money-Smart Kids™ Program guides you on how to approach these types of questions. But all the books, Web sites and seminars are secondary to the best resource— your time. Parents can not be reticent to discuss money with their children. It's a must for their future.

To learn more about the Money Smart Kids, program, log on to www.lenoxadvisors.com/university/money-smart-kids

DoughMain, Study Reveals Need for Tools to Help Parents Teach Kids About Savings, February 17, 2012, http://www.doughmain.com/odmpublic/includes/footer/about/docs/Help%20Parents%20 Teach%20Kids%20About%20Savings.pdf 2 The Hartford Financial Services Group, Inc., Amid Economic Uncertainty, New National Survey Finds Parents Concerned About Children's Future Financial Independence, April 14, 2008, http://ir.thehartford.com/releasedetail.cfm ReleaseID=304399 3 Capital One, Capital One's Annual Back-to-School Shopping Survey Finds Current Economic Environment, School Budget Cuts Will Impact Back-to-School Spending This Year, July 31, 2012, http://phx.corporate-ir.net/phoenix.zhtml?c=70667&p=irol-newsArticle&ID=1720340&highlight © 2013 Lenox Advisors, Inc. All rights reserved.