Balance our checkbook? Where, on our heads? 🙃 Do you think Gen Z would even know what to do with an old school checkbook? Maybe we should see if there’s a Checkbook-Tok and do some research. 🤳
Does learning about finance when we’re young lead us to bigger paychecks as an adult? A new survey shows the positive impacts on knowing your numbers early. 💵
Here’s Five Fast Facts on the impacts of learning finance as a kid:
- 🧑🏫 Getting Schooled - According to a recent survey from Bankrate, if your childhood included financial education, you could make more money in adulthood. The survey found that kids with a solid financial education were more likely to negotiate pay and have healthy money habits when they grow up.
- 🙌 Leg Up - The survey polled over 2,600 across the U.S. adults and discovered that financial experiences in youth made kids 1.5 times more likely to successfully negotiate a raise compared to those who didn’t. Financial experiences include things like having a part-time job or managing a bank account.
- 🗣️ Money Talks - Out of the respondents who reported negotiating a pay raise in adulthood, 66% said they have successfully done so at least once every five to 10 years. The survey also showed 33% did at least once a year and 10% did more than once a year.
- 👛 Chump Change - On the flip side, Americans who received little to no financial education as kids were a lot less likely to land a pay raise. In that group of survey respondents, only 39% reported negotiating a pay raise throughout their careers.
- 💰 Raising the Bar - Regardless of how money-savvy you were as a kid, you should totally go after that raise! Start by researching average salaries for your position to find out how much you should shoot for. Prepare to meet with your boss by writing down all of your accomplishments and why you deserve more. Feeling nervous? Practice your chat with family and friends.
🔥Bottom line: Knowledge is power, especially when it comes to personal finance! The earlier you can wrap your mind around money matters, the better you’re prepared for adulthood. Speaking of education, do you still have to pay back your student loans if the DoE goes bye-bye? Find out in this article.
How old were you when you first learned about personal finance?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
