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Today the financial odds are stacked against your children. Every day, more Americans are falling victim to runaway personal debt, an empty savings account, and inadequate retirement planning all because they lack a practical financial education. It's not taught at school so this is where you come in.
A recent study by the Government Accountability Office (GAO) predicts that one out of every three workers will have nothing ($0) saved in a 401k style account by 2050. This statistic is supported by the National Association of State Boards of Education's report that states 'most workers are not participating sufficiently enough to allow comfortable retirement'. What makes this study scary is the fact that social security and pensions probably will not be around in the future so the need for financial security is more important than ever.
Not only will a practical financial education benefit young adults in the long-term but it will also have considerable positive effects right now. In recent studies are over half of all college graduates are planning to move back home and many are moving back for financial reasons. According to the Student Monitor, 62% of college graduates leave school with $27,236 in debt. In addition, less than one-quarter of students and only 20% of parents say students are very well prepared to deal with the financial challenges that await them after graduation. Providing them a financial education before they move out will help to avoid these problems.
Most parents realize the importance of a financial education and are already aware that public high schools do not provide young adults with the necessary money skills. Yet these same parents understand the impact that financial education will have on their children's future. So parents it's up to you to provide your children with the financial skills they need to make it in today's society.
Even if you have made financial errors yourself there are resources available to help give your children the advantages many parents wish they had. Looking at the statistics it is apparent the majority of parents do not have enough knowledge to raise a financially responsible teenager. Public high schools have been teaching similar subjects for the last 50 years and financial education is not one of them. Consequently, many parents learned about money from the school of hard knocks and do not feel qualified to raise a financially independent teenager.
This lack of financial knowledge gets passed down through the generations because most children learn about money from their parents. Unfortunately, because most parents did not receive any financial education, many are not comfortable teaching their children about money. The good news is that learning the basics of personal money management is much easier and faster than picking up most courses in high school. The financial skills gained will last a lifetime and affect your child's life profoundly for the better.
Getting your kids prepared for the realities of the 21st century is an important part of responsible parenting. Giving them a practical financial education before they move out on their own will continue to benefit them throughout their entire life. You would never give your child a car without drivers training; so make sure you give them a practical financial education before they move out.
Right now is a crucial time to put your children on the path of financial security. There are financial education courses available on the market today that will give our children the advantage many of us wish we had growing up. Plus it can be a great way for you to pickup the money management skills that will help you feel financially secure so your life, and your child's life, is made financially easier.
And making your child's life financially easier is what Vince Shorb, financial literacy advocate and young America's success coach, is all about. Get his latest video free at http://www.Freeby30.com .
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