Financial Literacy for Parents

The hardest job you’ll ever have, they say, is being a parent. Having to manage all the new expenses that come with having children – and saving for their future needs – are certainly the main reasons why this is the case.

Fortunately, you don’t have to go it alone. We’ve rounded up some of the best resources for not only managing your money wisely, but also for passing those skills on to your kids. Here are some great places to improve your financial literacy and theirs.

Key points to remember

  • There are a number of podcasts that regularly address the financial aspects of raising children, including “The SavingsAngel”, hosted by Josh Elledge.
  • Those looking for information on saving for college may want to check out The price you pay for college by Ron Lieber, who explains the financial aid process and the monetary implication of different educational pathways.
  • Sources such as PBS LearningMedia and the Consumer Financial Protection Bureau have plenty of learning materials to help teach your kids the basics of money management.

Resources for Parents

“Financial literacy is great! ” (Website)

Here’s a website that brings together some of the best financial education content on the web and neatly sorts it by audience – thankfully, that includes parents. You will find all kinds of videos, articles and interactive games.

The project is managed by a non-profit trade group, Receivables Management Association International, which does an excellent job of curating multimedia financial content. Parents will find useful information on topics such as preparing for a new baby and comparing bank accounts for children.

‘The Angel of Savings’ (podcast)

If you’re looking for sound advice on how to raise a family on a budget, “The SavingsAngel,” hosted by Josh Elledge, is for you. The host discusses topics as diverse as getting a better deal on car insurance and saving money when packing a school lunch. Elledge seems to know just about every trick in the book for finding discounts.

The price you pay for college (Book)

Let’s face it: the mere thought of paying for higher education one day can give more than one parent a cold sweat. After reading Ron Lieber The price you pay for collegehowever, you might just breathe a little easier.

Lieber demystifies things like the Free Application for Federal Student Aid (FAFSA) and merit-based financial aid, even explaining the pros and cons of taking a gap year or starting at community college. Readers will also find chapters on talking to their kids about college and making a financial plan. This invaluable guide proves that the more you know about the process, the less you’ll stress about it.

Parents (review)

Parents The magazine has long been a treasure trove of ideas for raising a family, and that includes great content on managing your household finances. Recent topics include ways to save money at the gas pump, what to look for when buying a home, and how to homeschool on a budget.

Resources for teaching children

Consumer Financial Protection Bureau (website, books)

If your kids aren’t yet able to make their own lunch, you may not be giving much thought to how they can develop better financial habits or develop their executive functioning. Yet cultivating these skills early in life helps children grow into responsible adults who have a healthy relationship with money.

The federal government’s Consumer Financial Protection Bureau has a website that offers several modules where parents can find instructional strategies and learning activities to help their children develop good habits such as planning and prioritizing. You can also ask your local library if it has the office Money as You Grow library, which has many books that teach finances in an entertaining story format.

Federal Reserve Bank’s Kiddynomics (website)

Explaining the role of money in an economy or how the banking system works to young children can be a frightening experience. The Kiddynomics program, developed by the Federal Reserve Bank of St. Louis, helps break down these topics in a way kids actually understand.

Using popular children’s books as reference, Kiddynomics offers 45-minute lesson plans that use songs, acting and art to stimulate thinking about basic economic and financial concepts. It’s as easy as going to the bank’s website and downloading a pdf for each lesson.

PBS LearningMedia (website)

From “Sesame Street” to “Sid the Science Kid”, PBS has been synonymous with learning and developing important life skills. Yet, while parents are likely familiar with some of the outlet’s popular TV shows, they might not realize that it offers an abundance of quality educational material on its LearningMedia website.

Parents will find a litany of videos and interactive lessons, all sortable by your child’s age. In the economics section, you will come across materials ranging from the time value of money to an overview of high-paying careers.

Raise Your Money-Savvy Family for Next Generation Financial Independence (Book)

Instilling sound financial habits isn’t just about providing a list of do’s and don’ts. It also involves learning to talk with your children about financial decisions and inspiring them to make the right decisions, even at a young age.

Raise your savvy family for the next generation’s financial independenceThe bipartisan format of — with alternating sections of Doug Nordman and his adult daughter, Carol Pittner — is a compelling way to discuss these topics. Even if you’re not tied to the authors’ goal of complete financial independence at a relatively early age, you’ll likely emerge more confident in how you relate to your children when it comes to money.

What are some resources for teaching kids money management skills?

There are a number of excellent resources online and in print. For example, PBS LearningMedia and the Consumer Financial Protection Bureau both offer helpful learning activities for children. The Federal Reserve’s Kiddynomics program also teaches children the basics of how economies work and how the banking system works.

Where can I learn more about saving for college?

by Ron Lieber The price you pay for college is a fairly comprehensive resource on the subject. It explains concepts such as the Free Application for Federal Student Aid (FAFSA) and merit-based financial aid and explores the implications of various education options, such as taking a gap year or going to college. community.

Are there any podcasts that help parents with financial literacy?

If you visit Apple’s or Google’s podcasts, you’ll come across several that regularly touch on household finances. One that parents might find particularly compelling is “The SavingsAngel,” hosted by Josh Elledge, which focuses on ways families can budget and save on day-to-day expenses.

Sarah J. Greer