10 Ways Parents Can Teach Financial Literacy To Their Children

It’s never too early to teach children about financial literacy and how to manage money responsibly. The Council for Economic Education (CEE) conducts a review every two years to analyze the state of K-12 economic and financial education in the United States. The latest 2016 report showed that there is limited growth in economic education and slower growth in personal finance education. Here are some quick facts about the state of financial literacy in the United States school system.

  • Only 17 states require high school students to take a course in personal finance.

  • Only 20 states require high school students to take a course in economics.

While it’s debatable whether students will use all of the math skills taught in school as an adult, it’s certain that they will engage in managing finances as an adult. 

Since only 17 states in the United States require students to take a course in personal finance, it’s imperative that parents begin teaching financial literacy at home. Parents have the biggest opportunity to be the primary source of financial education for their children. In fact, whether or not parents know it, they are setting an example through their behaviors with money. Parents can teach and reinforce the importance of financial literacy on a daily basis using small acts. Here are ten quick ideas that parents can use to teach financial literacy to their elementary and middle school age children.

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Parent TipsCandice McCain