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Fatherly Advice To Help Children Become Financially Responsible

Fathers are not the only parent who dishes out financial advice in the family. Mothers do too. However, with Father’s Day being celebrated this month, I remember how integral dad was in educating us about financial stability. I wrote about many of the things my dad taught me in this month’s article Seven Important Lessons About Fatherhood Dad Taught Me.

I am fortunate to have learned about financial stewardship early in life. It has become my life’s work to help others enjoy the life that financial stability affords. I recently came across an article that indicate many children are not learning about financial stewardship. I share the excerpt below from Focus On The Family to drive this point home and hopefully inspire parents – not just fathers -- to take a more active role in educating their children about financial stewardship.

Five powerful cultural trends support the idea you are vital to your child’s financial education:

  • Most youths are financially illiterate. As a matter of fact, a recent Consumer Reports survey revealed that 28 percent of students did not know that credit cards are a form of borrowing. 40 percent did not know that banks charge interest on loans.

  • Advertisers and credit card companies are targeting children and teens. These professionals realize that contemporary kids have more money and spending influence than at any time in recent memory.

  • Most parents believe that someone else is teaching kids about money and finances. Believe it or not, 80 percent of parents assume that schools are providing classes on money management and budgeting. This simply isn’t the case.

  • Whether you like it or not, your kids are looking to you for financial guidance. Surprisingly, 63 percent of older teenagers – kids who are notorious for knowing it all and not listening to their parents – say that they get most of their information on money matters from mom and dad.

  • Financial support for churches and ministries is dropping – and is likely to be even weaker in the future. The younger generations simply aren’t getting the message that giving matters. Pastors report that most of their donations come from church members over age sixty-five.

Add it all up, and you’ll have some idea of why it’s so crucial to start teaching your kids about finances at the earliest opportunity.

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