What Kind of Money Role Model Are You to Your Kids?

Fun fact: your parents are really just giant, aging children. 🚼 Think about it. Did they give you what you once thought was great financial advice, only to find out later it was absolute dog doo? 💩 Welp, you're not alone. 

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While we don't want to spread bad money manure around, the truth is that American adults kinda suck when it comes to handling their finances. 🥴🧾 The last thing we want is for the next generations to keep these stinky habits! 🙊

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In the words of the great Whitney Houston, children are our future. 💫 Teach them well and let them lead the way. Or is it…let them pay the way? Also, crack is whack! 💃

Here’s Five Fast Facts on just how bad adults are with money:

1. 🛳️ Cruisin' for a Bruisin' - The average American adult aged 65 or over has an average of $4,700 in credit card debt. The Baby Boomer generation is responsible for over half of all spending (and splurging) in the United States. Who's up for another Carnival Cruise??

2. 📚 Flunk You - The TIAA Institute has a basic financial literacy exam on their website. Turns out adults could only answer half of the questions on the test. That's definitely *not* a passing grade.

3. 🚌 Struggle Bus - According to one survey, the median retirement savings of a Baby Boomer is just over $200,000. Using the 4% rule, that shakes out to about $8,000 a year. Not great.
   
   
4. 🎒 Pay It Forward - Echoing the numbers above, another survey revealed that 60% of adults don't feel like their retirement savings are enough to last the rest of their lives. In other words, that financial baggage will get handed to the younger gens.

5. 😵‍💫 What's a Credit Score? - One study on financial literacy showed that less than a third of high school juniors and seniors feel prepared to handle their own money. Another report showed that 87% of American teens don't understand finances at all.
   
   

🔥Bottom line: The bad news? These stats suck. The good news? We don't have to pass them down to the next generations. You're never too old to get your finances in order, even if it feels like that ship has sailed. Getting your money ducks in a row relieves a ton of stress and makes you a great example for the kids and teens in your life. If you're a college-aged kid looking to brush up on your financial skills, check out this article. PS - it's great for parents, too. 

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What are you teaching your kids about finances?

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