What is that age-old expression? You can’t teach an old dog new tricks? When it comes to being smart with money, bad spending habits are extremely hard to break.
In a recent survey conducted by personal finance authority GOBankingRates, 57% of Americans have less than $1,000 in their savings accounts with 39% having absolutely no savings at all. With January being Financial Wellness Month, it’s about time we take a look at ways that people can break this cycle.
Gregg Musset the CEO of the personal finance resource BusyKid, believes that this statistic could have been reversed a long time ago if only we helped our children understand their finances earlier on in life.
“The thing that I believe that changes the entire conversation” explains Musset, “is starting children early and teaching them two primary things: How to work and teaching them to be smart with money. Those two things are kind of it! Those two things can set them on a path that absolutely changes everything for a kid going forward into adulthood.”
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