During a routine homework session last week with my teenage son, I found out that April is National Financial Literacy month. Not just in Minnesota; but all over the U.S.A.
Every year, April is the month that investment professionals who provide investment advice to individual investors send out the message to high school students that they need to take the time to have conversations with the adults in their lives about the responsible management of money.
The effort to help young people gain more knowledge about the role that money plays in their lives is especially important now. With a poor job market, college costs rising every year, and student loan debt at record highs, the timing of the “money talk” with the young people closest to you could not be better.
I know that my two teenagers are asking me many more “money questions” than they ever thought to ask me just a couple of years ago. As they grow older, they seem much more interested in where their spending money comes from and what it takes for them to have it.
My son is a high school junior. Last year his questions about money involved amounts in the hundreds of dollars. As he begins to look at his college opportunities, he and I now routinely talk about tens of thousands of dollars.
I don’t think it is right for teen age kids to take the leap from managing pocket money to managing college costs in a one year time period. Money skills have to be learned slowly for kids and they need to have conversations with experienced adults in order to gain those skills.
If your children’s school, or a group they areassociated with, would like me to answer questions regarding the management of money during the month of April, please respond to this blog post.
I don’t have answers to all your money questions. But I think after 29 years in the investment management business that I can get you started on the right track or find a great resource for your kids.
Ric Lager
Lager & Company, Inc.
