How to Teach Kids About Money
It's easy to say "money doesn't grow on trees," but it isn't enough.
Talking about money is hard for many. Some may not have enough. Others may have made mistakes that make talking about money difficult. And others may not like to discuss finances in general. However, it is important to take away the stigma of talking about money, especially with children and young investors.
As Morningstar behavioral economics team-member Samantha Lamas points out, “The sad reality is that, in most cases, kids leave home without proper financial skills to achieve financial well-being. We see this in the endless cycle of financial mistakes in every generation.”
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