Paid for by Capital One
Money is a ubiquitous and essential part of our lives. Nevertheless, most young people don’t feel confident in their financial literacy and often aren’t adequately prepared for financial independence.
“We all make financial decisions every day of our lives,” said Richard Martinez, the president of Young Americans Bank. “And those decisions can stick with you for a lifetime if you ruin your credit or develop bad habits.”
In one recent study, conducted by Junior Achievement and AIG in 2018, 69 percent of students between the ages of 13 and 18 said they knew little or nothing about financial planning, and nearly all of them (95%) agreed that a personal finance course would be valuable.
To help satisfy that need, parents can play a critical role. According to another study conducted by Junior Achievement in 2015, 84% of teens look to their parents to learn about money management.
Given the importance of kids actually experiencing financial concepts in the world, instead of simply learning abstract ideas, having an accessible -- and even enjoyable -- strategy in place for teaching them about finances can be critical.
For 3 fun ways to help your kids learn about money, watch the video above.
From Capital One:
At Capital One we’re on a mission for our customers – bringing them great products, rewards, service, and access to unique and unforgettable experiences they are passionate about. Capital One is a diversified bank that offers products and services to individuals, small businesses and commercial clients through branches, digital tools, the internet, and other distribution channels to provide customers with products and services to meet their needs.
For more information on kids and financial literacy, check out this article on how to teach them about credit and the importance of this essential financial element.
This article is not intended as financial or legal advice. For specific advice for your unique circumstances, you should consult a qualified professional.
This article was paid for by Capital One and co-created by RYOT Studio. Yahoo Finance editorial staff did not participate in the creation of this content.