Five things you should know about financial education (3/5)

Published on 04-03-2015 by admin

3. Parents and teachers need tools and training

There is a clear link between financial literacy and family backgrounds, economic as well as educational. Those who are most financially literate disproportionately come from highly educated and financially sophisticated families (Lusardi, Mitchell and Curto, 2010 and Atkinson, Massy, 2012).

A lack of financial education does not only affect children. Many parents and teachers lack confidence in teaching money management skills or consider that talking to a child about money is almost as hard as presenting difficult other subjects such as sexuality.

It shows parents and teachers need proper tools and training to be able to transmit their knowledge and make sure their descendants grow into responsible and independent adults.

Click here for No. 4.