Struggling to talk to your children about finances? It can be a complex topic for parents to breach, but Pinnacle Financial Advisors Founding Partner Lennard van der Feltz shared a few tips with The Arizona Republic on how to inspire these valuable conversations.
According to the National Financial Educators Council, 55% of youth between the ages of 15 and 18 are considered financially illiterate. That means over half of today’s adolescents are unprepared to become financially independent young adults. When it comes to money management, Lennard argues most habits are learned at home.
In this article, Lennard – who’s also a father of four – points out four key areas parents can emphasize when it comes to enriching kids’ financial literacy. These include instilling a passion for achieving financial success, differentiating between needs and wants, proper budgeting techniques, and developing a sense of social responsibility and generosity.
The article appeared in the July 5 edition of The Arizona Republic’s community sections.