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Did you know?

91% of undergraduates have at least one credit card

How Marketers and Retailers Target the Young

Youth of today face many more challenges and opportunities than their parents did, so it’s essential they get ongoing training and guidance as early as possible to lay a sound foundation of healthy financial habits.

Children are Easy Prey for Hungry Merchants

Children are easily influenced, and a growing market that’s easy prey for every sales strategy marketers can dream up. American mass media is perhaps the most powerful propaganda machine in the history of the world. With revue over $42 billion annually, mass media has perfected their skills for persuading, motivating and pressuring youngsters into spending their money on the latest and greatest toys, gadgets and video games. Just think about the commercials running throughout Saturday morning cartoons.

Here are some invaluable concepts in teaching your children about money management

-Your child’s work ethic is developed through your example.

If you regard work as an unfair burden, your child will likely see it the same way. Same as if you demonstrate enthusiasm and creativity in your work and talk about the positive benefits of work, your child is likely to adopt this same attitude.

-Introduce children to money at a young age,

whether it be using play money or real, so they can develop a natural value of money.

- Teach your children the value of earning interest

, emphasize the value of having a good credit rating, at home, with you, and in the future.

- Teach planning your spending in advance.

Involve them in shopping menus, grocery lists, coupon clipping, and educate them on unit pricing.

- Allow your children to make right or wrong spending decisions –

they will learn self-sufficiency and healthy independence this way. Children need to know that when wrong choice with money are made, the money’s gone and a better choice is no longer possible. This helps them learn to plan ahead before making money decisions.

Credit Cards for Children

Recently banks have announced their intent to provide credit cards to children as young as 12 year old! This is clear evidence of a frightening shift in lending policies aimed right at the young. Since spending and saving patterns are usually established by the mid-tolate teens, marketers and America’s multi-billion dollar banks don’t want to miss their best chance to train their latest customers.

Your Family’s Attitude Towards Money Management

The key to helping young people learn to stay on the path of good money management is to begin early. Children must be taught how to develop a sound financial philosophy based on correct principles. How else are they going to recognize and avoid the tempting side roads that keep them from their goal? Their successful financial future must be based on a good plan for spending, saving, avoiding debt, and proper credit management.

Motivate your Child to Take Care of Their Money

The best way to start your children on the path to financial fitness is to teach them how to dream. Dreams and plans are vital motivators for making decisions and giving direction to their actions, and their future. Without dreams, it’s difficult to develop goals that can truly motivate you to learn important financial skills. As you dream about how things might be, you build a vision of what could be.

Listen to your children share their dreams. You’ll forge a bond of trust between you that lasts a lifetime. Help them nurture their dreams and encourage their work to make those dreams come true.

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