With the economic crisis hitting everyone in the pocketbook, it’s more important than ever for parents to talk to their children about how to manage money. New Year’s — a prime resolution time for millions of Americans — is a great time for children and their parents to learn better spending and savings practices together.
Forty-six percent of American families hold a credit card balance according to the U.S. Census Bureaus 2004 statistics. And in 2007, more than 800,000 bankruptcy cases were filed in the United States.
Managing money is a family affair. By resolving to set financial goals and working together to practice management, families can enjoy independence and security. “Parents and their children can learn from and challenge each other to plan better ways to use the money they earn and save,” says Scott Oberkrom, director of Community Investments at American Century Investments.