Today’s episode features a lively discussion about raising financially healthy kids. You’ll have the chance to hear different perspectives from our panel of GreenPath clients and friends who are inspiring their children to be financially resilient. Learn how we might support the next generation in their financial wellness journeys. Our conversation features:
Tips for communicating with your kids about money
Challenges (and how we might overcome them) when it comes to family finances
Resources to share with your family and community
3:05 Meet our panelists
8:22 How transparent are you with your child/children when it comes to decisions about the family’s finances?
12:31 Think back to your childhood when it came to how money was approached in your family. What is one approach you’re continuing to model now that you have a child? Alternatively, what is one money area where you’re taking a different approach?
14:56 What are some common struggles with money that you have observed with the college students in your classes?
17:18 Do you think making your kids an authorized user on a credit card is a great idea? If so, at what age?
20:46 What would you recommend for a parent that would like to set their child up with a “financial tutor” before college?
22:19 Think back to a financial decision or behavior you regret from when you were in your teens or early 20s. Could you share about this experience? Would you influence your child/children to avoid this at that age? If so, how? If not, why?
24:04 What financial resources do you recommend for a middle school student and are there classes they can enroll in?
27:45 What is one challenge when it comes to influencing your child’s financial health?
32:46 How do you define success when it comes to raising a financially healthy child?
34:08 How do you know students are “getting it” beyond discussions in class? Are there any indications that the lessons are or are not sinking in?
36:29 What has your child/children taught you when it comes to money?
40:14 Two common long-term goals I hear from parents are saving for retirement and saving for their kid’s college. If resources are limited, how would you decide which goal to prioritize?
45:24 What are some of your favorite money lessons in your college financial literacy course?
49:46 What is your favorite free activity for the family?
Music by Hir-O