According to the American Psychological Association, 80% of kids say they learn their money habits from their parents. The study shows you have a great opportunity to teach your kids the basics of financial literacy.
Kids learn not just from what you say but also from what you do. Key behaviors include comparison shopping while at the store with your kids, not spending money you don’t have (the average college student graduates with over $4,000 in credit card debt), and giving money with “no strings attached.” Experts recommend allowances based on chores and responsibilities, especially since 40% of parents surveyed say they have bailed out their adult children, providing money for living expenses.
Your kids learn many habits from you make sure those habits are good ones!