Tips for grandparents – ways to contribute to your grandchildren’s financial well-being:
- Introduce the concept of money to your grandchildren as soon as they are able to count.
- Teach them the difference between needs, wants, and wishes. Teach them to respect the value of money.
- When giving them, consider giving money in amounts that can be put towards savings (e.g., five $1 bills, spend $3, save $2).
- Consider opening a savings bank account or a money market mutual fund account in both your name and your grandchild’s.
- Take advantage of money “teachable moments” when you spend time with your grandchild.
- Set an example by being thoughtful in your own saving and spending habits – you are their role models.
- The Youth & Money Survey found that 72 percent of students turn to relatives besides their parents for financial information – grandparents are included in this group!
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