From Kiplinger · · 1m 20s
Build Kids' Money Habits Early
Teach children money skills before inheritance discussions.
In brief
Teach children money skills before inheritance discussions. Parents should build financial habits with kids through age-appropriate lessons to avoid estate planning overwhelm later. Originally reported by Kiplinger.
Parents delay money talks
More than half of parents ages 55 and older rarely or never discuss money with their children.
Children feel unprepared
Adult children left estate planning meetings frustrated and unprepared, urging parents to hire outside experts.
Wealth isn't the issue
The problem was building financial stewardship skills before inheritance discussions.
Curriculum approach
Legacy planning specialist recommends teaching money habits like a curriculum rather than a single event.
Elementary school: Save, spend, give
Children learn to save, spend, and give through charity projects and savings matches.
High school: Real costs, real stakes
Teens practice real costs through car savings, credit, and mock trading exercises.
20s: Building independence
Young adults learn budgeting, debt paydown, and emergency funds without parental backstops.
30s: Partnership approach
Adults prepare for financial roles through communication about wealth without full disclosure.
Four readiness signs
Children ready for more money responsibility show consistent saving, financial learning, and transparency.
Start now
One honest conversation at any stage builds financial confidence for future inheritance discussions.
Here's the gist
Parents should build financial habits with kids through age-appropriate lessons to avoid estate planning overwhelm later.
