Forbes: How To Raise Financially Responsible Children

Liz Davidson of Forbes Magazine has published an article that looks into the research on and guidance for raising fiscally responsible children. She reports that a child's ability to delay gratification is the one of the best predictors of financial stability; this is grounded in research by Walter Mischel who found in an experiment that children who were able to successfully delay gratification at an early age had higher incomes, more successful marriages, greater career satisfaction, better health and more fulfilling lives in the future.  Davidson also cites Judith Briles, whose book Raising Money-Wise Kids encourages parents to provide a small allowance to their children and to then challenge them by setting target savings rates.  Davidson reports that children often find this sort of learning activity fun.

Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal