With Americans spending more and saving less, young people often don’t learn valuable personal finance skills that will benefit them throughout life.
Together, educators, bankers and parents can help children build good financial habits from an early age. That’s why Bank of Sun Prairie participated in the 19th Annual National Teach Children to Save Day.
“It is important to start teaching kids about money and responsible spending at an early age”, said Bank of Sun Prairie President and CEO Jimmy Kauffman. “The discussion can begin with something as simple as wants vs. needs,” he said.
In addition to reading books to their children about money, parents can involve kids in spending decisions, encourage them to save part of an allowance, and explain the family’s finances in general terms.