Tips to prepare your child for financial success

More than a third of millennial and Gen X women said they find financial concepts intimidating, and didn’t learn enough about finances while growing up. As a result, more than three out of four say they’re taking charge and prioritizing the financial education of their children.

“Many families treat the subject of money as a private affair, leaving kids to grow up and learn money lessons the hard way. However, what you say – or don’t say – can have profound effects on how children handle their finances later,” says Amy Jucoski, senior director of planning, Wealth & Investment Management, Wells Fargo.

Encourage strong financial acumen among the next generation of breadwinners with these tips from Wells Fargo:

• Get started early: Introduce the concept of earning money to young children by talking about your job and what your salary pays for. Consider tying your child’s allowance to chores.

• Respect money: Demonstrate how small amounts of change saved in a jar can add up to a large sum of money over time.

• Help set savings goals. Help your child figure out how long it will take to save for something they want. Give them an incentive to defer spending by matching their savings.

• Empower older children: Keep the lines of communication open, even after children enter adulthood. By doing so, you can help them avoid financial mishaps. If and when your child does make a poor choice, keep the conversation positive and productive. Help them make a plan to reset and rebuild.

• Be a role model: Set a good example for children of all ages by continuing to build on your own financial acumen.

It is never too early to teach your children financial literacy. Small lessons over time can set your child up for a lifetime of success.