NC parents should be teaching financial literacy to kids this summer, expert says

RALEIGH, N.C. (WNCN) — Financial experts say most children these days aren’t just asking for small things.

“The needs and desires of kids today are much greater,” said Carol Hunter, a financial expert.   

Hunter is known as the Money Mender and spends most days teaching finances. She says it’s a topic kids can start learning through a summer job.

“Kids can learn about strong work ethic, time management, responsibility, punctuality and learning how to follow instructions,” said Hunter.   

She says these are skills kids need to learn at an early age. Today, she says many kids see their parents living paycheck to paycheck during these tough economic times. Hunter says it’s a tough lesson, but a life skill that can stop the cycle of bad financial decisions.

“I truly believe children need to learn the value of money before they become adults and it’s so important they begin at an early age,” she said.      

Hunter recommends parents start teaching simple financial terminology.

“I am talking about income, expenses, interest rates, credit, investing, and financial goal setting,” she said.  

Hunter even recommends setting up your child a custodial bank account.

“This will teach your child how debit cards work and how they’re not supposed to work. It can also teach the importance of saving to be self-reliant so that as they age they’re not depending on someone else to make things happen for them,” she said.   

You can find more financial information and tips by going to her website here.