4 Tips for Raising Money-Savvy Kids

By Sara Rathner Many elder millennials may have learned to manage money much like our parents did: waiting for statements to arrive in the mail, balancing checkbooks and paying in cash. But if you’re planning to impart the same lessons to your own children, ask yourself a few questions first. […]

By Sara Rathner

Many elder millennials may have learned to manage money much like our parents did: waiting for statements to arrive in the mail, balancing checkbooks and paying in cash. But if you’re planning to impart the same lessons to your own children, ask yourself a few questions first.

Is this still how you deal with your finances? How often do you carry cash anymore? Do you even know where your checkbook is? If the respective answers are “no,” “rarely” and “maybe in that box I never unpacked since moving six months ago,” then the money lessons of the ’90s aren’t going to cut it for the next generation.

The way we handle money had already been changing dramatically, but the pandemic accelerated those changes. One example: A September 2020 American Express study found that since the Covid-19 outbreak began, 70% of merchants had customers request contactless payment options, and 73% of merchants prefer customers to pay with a card or app instead of cash.

Source Article

Next Post

What Does Democrat-Controlled Congress Mean For Financial Planning? What To Expect.

Wed Jan 13 , 2021
Text size Economic stimulus checks are printed Jeff Fusco/Getty Images With Democrats controlling both the Senate and House, policy watchers and financial planning experts are looking to see what could make its way into a stimulus bill and other measures this year, as well as how President-elect Joe Biden’s picks […]