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Nurturing Financial Literacy in Your Child: 

Experts Weigh In

Children can learn the basic building blocks of money from a very young age. Core concepts like saving, spending, and even compound interest can be effectively taught at home with a simple yet consistent pocket money regime.

Financial literacy is not rocket science, and many kids learn fastest with tangible objects. The wisdom of basic budgeting can be imparted at the kitchen table with the help of a pen, paper, and a jar of coins.

Yet once children have the basics covered and show maturity, they may be ready to level up and take formal banking.

Effectively monitoring is one of the chief concerns among guardians introducing their kids to finance. Most parents want to ensure they have firm control over what's happening so things don't get out of hand.

Yet, as children age, how to transition them toward full financial autonomy inevitably looms large over dining table conversations.

According to a Wells Fargo survey from 2021, nearly 70% of teens said they should be able to make purchases using their own money without restrictions, while only 44% of parents agreed.

Typically, parents maintain joint ownership or supervisory control. It is not a time for the parents to step back but to be ready to handle difficulties that may arise or correct any negative financial habits as they mature into young adults.

Yet, as their kids grow, a parent's role evolves. They become less the whole financial facilitator of the child to a kind of lender of last resort. Although parents are always there for emergencies, experts emphasize the need to still make the kids pay their way.

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