Young people run the danger of being released into the world without the information they need to make wise financial decisions that will position them for success in the future.
Parents must teach their children about personal finance and investing because the great majority of U.S. states do not require high school students to complete even one financial literacy course in order to graduate.
But that’s not taking place. According to studies, the majority of teenagers do not learn money management skills at home.
One expert claims that the issue is that many parents lack the confidence to discuss money with their children.
Dale Alexander has worked as an employee benefits broker for the education sector for the last 34 years. However, the native of Georgia has recently increased his use of his CFP title, finding a new career educating young adults about money when his own children requested that he speak to their friends about the subject.
During Christmas break in late 2019, Alexander hosted a money management seminar in his conference room for a group of his children’s friends. The seminar was videotaped on Facebook live and “sort of went viral,” according to Alexander, who told FOX Business.
The Talk (about money), A Young Adult’s Guide to the ONE DECISION That Changes Everything is a book that he wrote and has talked at hundreds of high schools and universities across many states since then.
Children frequently approach Alexander after his speeches and remark, “My parents never talked to us about money,” according to Alexander.
He claims that one of the causes of this might be that the parents were too embarrassed to discuss money with their children since they weren’t financially successful or didn’t understand it. “They’ll talk to their kids about many other significant aspects of the kid’s life, maybe sex or what work career stuff like that, but money is extremely rarely discussed in families,” says the author.
Alexander encourages all of his pupils to download the Fidelity Youth Account app before the end of the day during his lectures and leads them to the website.
According to Fidelity’s Boroff, the business has 40 million clients and provides educational articles on its website, videos on TikTok, Q&As on Reddit, quizzes, and infographics on the Fidelity app. “We believe kids learn best by doing,” adds Boroff.