More Ways To Prepare Your Youngster For Their Financial Future

Dated: 10/14/2016

Views: 214

In the spirit of consumer education and empowerment, the Consumer Financial Protection Bureau has released a new program to help you educate and prepare your young ones to head into a secure financial future. The CFPB released a new report in September, called "Building Blocks to Help Youth Achieve Financial Capability" that focuses on the best practices to teach the young and up and coming adults the best habits and learning examples that will help support their financial development well into their future. The CFPB’s new research confirms the importance of starting financial education early and continuing to build on that foundation throughout the K-12 school years, and of financial education for high schoolers.

The bureau advises the 3 main building blocks are: 1) executive function, 2) financial habits and norms, and 3) financial knowledge and decision-making skills. Each of the blocks include critical attributes and abilities, which begin to develop in early childhood and continue throughout the teenage years and adolescence. In the graphic below, the building blocks to build financial capability, what they support in adulthood, and examples of how they apply to financial decisions that many adults face.

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The new report exploring the building blocks further can be a great resource for you if you're just starting Finance 101 with your son or daughter. The report is available on the Consumer Financial Protection Bureau website, free to download in PDF:

We hope you'll find this information helpful! If you have more questions about helping your child on the path to a great financial future, we'd love to introduce you to some of our trusted lending partners who can also help advise and give you helpful tips. Let's chat! Call us at (423) 433-6517, or just stop by our office inside Keller Williams Realty, 1033 Hamilton Place in Johnson City. We'll help you get 'schooled'!

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Rayne Price

Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....

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