In a recent survey of Generation Z (ages 13 to 22), 39 percent of teens and young adults said they expect to receive an inheritance and therefore don't need to worry about saving for retirement! However, only 16 percent of Gen Z parents expect to provide an inheritance – and there's no guarantee that an inheritance would be sufficient to replace retirement savings.
This disconnect between expectation and reality highlights the need for financial literacy among young people. Teaching children about finances not only may help them handle their own financial matters but could encourage academic engagement and pursuit of higher education.
Here are some steps to help develop your children's financial knowledge.
- Written by Charles Sims Jr.