Tuesday, May 13, 2008
Parent to Parent: Kids' Money Management
Every parent struggles with teaching their children about money, but a new program is helping kids learn this valuable lesson. Seven's Lynn Martinez has more in tonight's Parent To Parent.
WSVN -- Even at a young age kids start realizing how important money is.
Tierra Forbes: "Money is the main thing that everyone wants."
This class at St. Francis School is being taught by experts from Commerce Bank who are helping area schools teach kids financial lessons.
Karen Zuckerberg, Commerce Bank: "We have over 900 trained instructors that come out to our schools, we've touched more than 80,000 children per year, and they love it."
The program is called WOW.
Students were allowed to voice concerns about debt, interest, savings and, a big one on the list, credit cards.
WOW Lecturer: "So if you use your credit card to buy your 360 and than you don't pay it, they'll take it away?"
Seven's parenting expert, Dr. Valerie Goode says children should be taught about money at an early age.
Dr. Valerie Goode: "The same consciousness that you want to teach your child about money is what you want to teach your child about homework, it's called accountability."
Dr. Val says the first lesson kids need to learn: the difference between want and need.
So they may want an ice cream cone, but they need a new school uniform.
You should also have your child open up a savings account, and, by age 10, a checking account.
And make sure that they are aware of the reality of how credit really works.
Dr. Valerie Goode: "It costs money to borrow money, and children need to realize this from day one."
Thanks to the WOW lessons Tierra already sounds like a future entrepreneur.
Tierra Forbes: "Better money management skills and how to invest money so one day I could own my own business."
... and is well on her way to a sound financial future.
FOR MORE INFORMATION:
Commerce Bank's Wow Zone:
Dr. Valerie Goode: