it's now a 12 as children get older
teens become more independent wanting to
do more things on their own one
important thing children need to learn
is the importance of money management
according to a recent study 41 percent
of young adults ages 18 to 24 say they
did not receive any formal financial
education more than half of those
studies say their parents did not talk
to them or with them about finances
until they were 13 years or older
joining me this morning is Mary Svoboda
chief operating officer and chief
lending officer with Jack's Federal
Credit Union thank you so much for
coming in on this Sunday morning thank
you for having us to me Sunday morning
is all about family time and now perhaps
after this segment would be a good time
to start that conversation how do
parents start that conversation with
their children there's a number of ways
and of course it depends upon how old
the child is but you can really start
very young explaining to them about how
many works helping them think about how
would they spend birthday money when
they're very young or money yes chore
money how they can set aside money for
savings for for donating or giving to
others and for long term things that
they're interested in having maybe an
expensive video game or something like
that and when it comes to time for
school let them have some input into how
much money they'll need for their
clothes and their school supplies and
understanding how they might divvy up
between spending things money on
name-brand products and maybe going to a
resale shop and supplementing their
clothes budget by getting some
inexpensive items there so running their
own budget regardless of the age
depending on the age depends on how you
start that conversation implement those
those types of things we're not telling
parents that they have to kick their kid
out and make them go get a job or
anything but you start small and you and
you and you go from there
right you can also win the balloon the
bills come in when it's a little bit
older team maybe and they're interested
in the cell phone let them review the
cell phone bill and see um how much
these things cost and where the
additional maybe charges are
adding up and so forth let them become
familiar with how that bill looks so
that when it comes in they can review it
each month with you I'm laughing because
my mother is watching I know from New
York because in being text messages
right now and she's gonna get a kick
that we're talking about cellphone bills
at the age of 30 so I'm sure she's she's
probably laughing right now as I'm those
are all great but they're just
opportunities absolutely opportunities
to talk about money talk to your
children about the importance of credit
scores and what a credit score is so
that they understand don't make a
mistake real early on and do something
that would negatively impact your credit
score your ability to get your first
auto or your first credit card those are
important topics that children need to
know ahead of time student loans yeah
how do student loans work and what are
the impact of student loans long-term
and knowing financially knowing about
scholarship opportunities absolutely
absolutely and it's just conversations
one of the things in the t rowe price
study that they mentioned was that one
in five parents never talked to their
children about finances it's
unbelievable
and unfortunately the schools don't do
much better only 17 states in the United
States have a requirement for personal
finance it's really I think a national
emergency we just really need to get
financial education information out
every single person Oh Lord listen and
their quality of life and their peace of
mind and so forth so teaching them how
to save money and delay gratification is
so important and for parents who don't
know I'm sure there are resources for
them to educate themselves and
absolutely they can we have a really
nice program for teens at the credit
union it's a checking account that comes
with a mobile application called hourly
and it's a fun idea because this
students are the children let's say can
have chores that they do when they've
completed a chore completed their
homework assignment they take a picture
they send it to their parents and then
their parents can incentivize them
immediately through the app and pay
whatever the agreed allotment was for
that particular task awesome Mary as
always thank you so much great thank you
to learn more about Jack's Federal
Credit Union's teen
account head to Jax FCU org we made it
very simple and posted the link on our
website news for Jax comm just look on
the morning show page