Alumni Action Alert: Smart Money, Smart Kids. Financial tips for kids of all ages!

Many alumni asked us over the years for more opportunities to get engaged in important issues. Now we send an Alumni Action Alert each month on a particular issue or campaign The Public Interest Network is working on, along with some actions that you can take to help protect the environment, public health or the public interest.

Quick action: Check out PIRG’s financial guide: “Smart Money, Smart Kids, Tips for teaching financial literacy and privacy protection to kids of all ages.”

Photo by Firmbee.com on Unsplash

Background: New data show that the personal savings rate in the United States dropped to 5.1 percent this summer – the lowest level since 2009. While many Americans don’t sock away money because they’re dealing with imminent needs, many more spend that money on items they want but don’t need.

Children often model their spending habits after the adults around them. So now, as kids return to school and spend more time independent of those adults, it’s a great time for parents, grandparents or older siblings to teach children important financial literacy and life skills. 

It’s never too early to teach children and young adults about protecting personal information, how to save up for purchases and how to navigate the adult world by being able to dispute a fraudulent credit card charge or withdraw money from an ATM without a fee. There are age-appropriate lessons for preschoolers, pre-teens, high schoolers and young adults going off to college or moving away from home.

One recent survey found that about one-third of parents never talk about finances with their children. Other surveys show far fewer have these important conversations. If someone with accurate information and their best interests at heart doesn’t teach them, the children can pick up potentially bad information from their friends, social media, the internet or even companies trying to sell them stuff they don’t need.That is why PIRG created a tip guide to help parents teach their kids, no matter what age, financial literacy and how to protect their personal information to make sure they are prepared and protected for their future.

Actions you can take:

• Check out PIRG’s financial guide, “Smart Money, Smart Kids, Tips for teaching financial literacy and privacy protection to kids of all ages.” 

• Share PIRG’s financial tips and guide with your networks. Feel free to add a personal message on the importance of teaching financial literacy and privacy protection to kids of all ages.

• Any other way you would like to support this effort? Just let us know!