In a perfect world, parents and educators (not to mention society itself) would work hard to make sure that our children are financially literate.
In that utopian ideal, money skills would be considered just as important as reading, writing, and arithmetic, infants would cut their teeth on money books, and not knowing how to budget would have the same stigma as being illiterate.
Unfortunately, the real world simply doesn’t work like that.
Society encourages debt rather than budgeting, schools barely touch on financial skills if they cover them at all, and parents who never learned money skills themselves don’t even know that they need to teach their children this stuff.
I know that I wasn’t taught this stuff in schools. Were you?
It’s up to individuals to recognize that their skills are lacking before they can even start to fill the gaps.
Parents ought to start helping their young children to learn basic money skills, even if they themselves never learned them.
Here are four of the most basic practical money skills that everyone should have and how to teach them to your children: