How to Create a Generation of Financially Savvy Kids: Building Money Management Skills at an Early Age

From a young age, I have always had a fixation on money. I love making money, saving money, and watching it grow; but most of what I had done over the years, had been piecemeal. I gathered what I should do based on the advice of family, friends and trends, even if it wasn’t necessarily the best approach for me.

For most of us, what we know about finances and our relationship with money, stems deeply from our childhood and what we witnessed from our parents. But the truth is, if you didn’t have access to capital then you probably didn’t have positive and properly informed conversations around the topic.

Over the next decade, there will be a?gigantic wealth transfer that will likely make millennials “the richest generation in history,” according to a report from global real estate consultancy Knight Frank – but what does one do with this wealth, if they aren’t prepared or even understand the concept of money?

In today's rapidly evolving financial landscape, empowering younger generations with financial literacy is not just an option, it's a necessity.

Here are some creative steps finance industry firms or leaders can take to ignite financial savvy among our youth and next generation of wealth builders:

1.? ? Adopting Schools or Supporting Community Organizations: Partner with schools or community-based organizations that work directly with youth. By lending our expertise through guest lectures, workshops, or mentorship programs, we can instill essential financial principles early on and inspire future financial leaders.

2.? ? Leveraging Younger Staff as Role Models: Recognize the value of younger staff members and professionals within our teams. Empower them to share their financial journeys and insight with peers, serving as relatable examples of smart financial decision-making and prudent investment practices.

3.? ? Creating Innovative Tools and Products: Develop user-friendly tools and products tailored to the preferences and needs of younger generations. From mobile apps gamifying financial education to innovative investment platforms offering fractional ownership, we can design incentives that make learning about finance engaging and accessible.

4.? ? Promoting Exposure to REITs: Organize interactive workshops, webinars, or seminars to demystify Real Estate Investment Trusts (REITs). Through engaging presentations and real-world examples, we can showcase the potential benefits of REIT investments, fostering a deeper understanding among young investors.

5.? ? Financial Wellness Programs for Families: Recognize the influence of family dynamics on financial behaviors. Offer workshops or resources that empower parents to discuss money management with their children and lead by example.

6. ? ? Internship and Apprenticeship Programs: Provide opportunities for young adults to gain practical experience in the finance industry through internships or apprenticeships. Exposure to real-world financial operations can enhance their understanding and skills.

By implementing these proactive strategies, we can cultivate a generation of financially literate individuals equipped with the knowledge and skills needed to navigate the complexities of the financial world and achieve their long-term goals. Together, let's unlock the doors to financial empowerment and pave the way for a brighter financial future for all. ?????

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