Talk About Giving

In addition to the values entrenched in the act of giving, learning to give establishes a strong foundation for adopting sound financial practices. When teaching financial literacy to children, giving can be demonstrated as just one pillar of economic responsibility, which also includes spending money, saving money and investing money. Just as in saving and investing, most charitable giving is planned for in some way. Children are better prepared to become financially secure adults when taught about the importance of giving, saving and budgeting responsibly and parents can proactively teach their children by modeling desired behavior and through discussion regarding charitable efforts.

Are you talking to your children about finances?

• Almost 50 percent of those who closely monitor their finances say that they learned about personal finance from their parents or at home.
• Eighty-percent of parents feel that schools should teach students basic money management and budgeting skills, but only seven states require students to demonstrate a minimum level of proficiency in personal finance before graduation high school.

Talking about finances is of particular sensitivity to parents, and for many families, the subject is considered taboo and not discussed. But, as we’ve seen firsthand during this economic downturn, it is imperative that we teach our children healthy money habits, and it doesn’t have to be awkward or uncomfortable.

Parents should consider their financial choices — big or small — as opportunities to demonstrate smart money management to their children. By sharing information specific to saving, spending, investing and giving – how financial decisions are made and how income is spent, children are exposed not only to financial habits that will benefit them personally, but help them learn to plan for charitable giving. By teaching these concepts to our children, we are more likely to raise financially-savvy adults.

About the Author:

As president of S.C. Economics since 2003, Helen Meyers leads initiatives that provide K-12 teachers with resources for teaching economics. She brings extensive classroom experience to this role in addition to non-profit leadership experience includingJunior Achievement of Central South Carolina, the National Association of Economic Educators, theSC Jump$start Coalition,Women in Philanthropy and serves on the Talk About Giving Advisory Board.

Meyers received a Bachelor of Science degree in elementary/special education from Western Illinois University and a Masters of Education from Southern Illinois University.