Walnut Row

In the next 25 years $68 trillion in wealth will be transferred by U.S. households. An amazing 70% of wealth transfers are squandered because children and grandchildren are not prepared. Two financial book authors have a solution.

Over the last fifty years, personal finances migrated from primarily cash and checks to many forms of cashless transactions. So how can parents address the cash vs. cashless conundrum when it come to teaching kids how to manage money?

A seven-year-old child who records weekly allowances as a number will make almost 900 deposits before high school graduation. This hands-on experience combined with subtracting each spending decision teaches kids the bottom-line value of their money.

Learning to spend cash is a skill diminishing in importance. As people add more non-cash ways to spend money, they never entirely replace previous methods. This creates a broader knowledge base and extends the learning curve for today’s children.

Teaching children financial literacy is important, yet it is not the complete solution. The only way children can avoid making mistakes with money is by becoming financially competent, a skill that is not developed in the classroom.

Teaching our children how to handle money begins in the home. A new study shows that the majority of teens prefer to learn through experience rather than education, but are they being heard?