#047: Helping Kids Learn to Manage Their Money

We may forget we’re not born inherently knowing how to earn, spend, save, or give money. And may not even know how to even go about beginning to have these conversations with our kids.
Many parents expect their kids will learn how to properly manage their money at school. But the reality is most kids are not learning how to spend, save, invest, or donate their money at all let alone in a healthy way.
This is concerning given that a report by researchers at the University of Cambridge commissioned by the United Kingdom’s Money Advice Service revealed that kids’ money habits are formed by age 7. Age 7!

Additionally, a 2017 Parents, Kids, & Money Survey conducted by T. Rowe Price found that parents who discussed financial topics with their kids were more likely (61% vs 41%) to have kids who say they are smart about money.
Joining us on the show is Bill Dwight, CEO and founder of FamZoo, a private family banking system designed to help parents teach kids to earn, save, spend, and donate money wisely in a safe, friendly environment.

Bill joins us to share how parents can use a variety of tools to not only educate their children when it comes to money habits, he shares how parents can use technology to not only expose your children to real-life experience with money but to spark those crucial money conversations.

About FamZoo
FamZoo isn’t just a convenient prepaid card for families. It’s a hands-on financial education for kids of all ages — preschool through college. Learn more here.
About The Show
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