Talk to kids about money

Here’s some expert advice on how parents can improve their children’s financial literacy at home:

•Don’t be afraid to talk about money. “Kids really look to their parents for advice,” STCU’s Elisabeth Hooker said. “Make it fun – it doesn’t have to be preachy.” These lessons can start as early as preschool, she said.

•Be transparent about your own finances. “Talk about it openly,” said math teacher Marty Jessett, who invites his two children to be part of the conversation whenever he and his wife discuss their household budget once a month.

•Involve them in family decisions.

•Make a distinction between wants and needs.

•Teach them about goal-setting.

•Talk to kids about their options with money – saving, spending, sharing and investing. “Money is neither good nor bad,” Jessett said. “It represents freedom and choices.”

•Let your teen get a job and consider having young children do chores around the house to earn money.

•Ask your kids to keep track of their spending.

•According to Washington state’s Department of Financial Institutions’ Financial Education Clearinghouse, parents should teach their kids the following: earning money; budgeting; checkbook balancing; financial goals; debit and credit cards; bill paying; savings plans; credit and credit history; account statements; and the basics of taxes.

•Teach by example.