NOTEBOOK – ONE GOOD READ: Good financial advice to your children: Give your money away
BPC Staff Sep 14, 2021 | 4:27 pm
1 min read time
174 wordsAll Latest News, Banking and Finance, Business Record Insider, The Insider NotebookRemember when your parents told you to be sensible with your money? Apparently that’s not the most important money advice we should be giving to our kids. Instead, we should be teaching them to give their money away, Business Insider reports. A study from the University of Arizona that was published in the Journal of Family and Economic Issues suggests that earning and saving money isn’t as important as getting your kids involved with fundraising activities at as early an age as possible. Researcher Ashley B. LeBaron looked at how children learn to donate from their parents and how attitudes toward giving are passed down from generation to generation. Respondents to a survey weren’t directly asked about their philanthropic activities, but a majority said it was an important part of their upbringing. “When you think about money and what kids learn about money from their parents, most of us wouldn’t think about giving as one of the basic principles of finance,” LeBaron said. “It was surprising, but really cool, to see that giving was so prevalent.”