Exploring the Importance of Financial Education to Families and Communities

#TRPkids Chat Recap
Oct 22, 2015 11:45 AM ET

T. Rowe Price and Scholastic joined us for a LIVE 60-minute chat to discuss the importance of financial education and how parents can start talking to their kids about money. Together, they are working to improve the financial education of younger generations. T. Rowe Price has been dedicated to educating investors for over 75 years, and their focus on building financial capabilities in kids is a natural extension of this commitment.

T. Rowe Price’s (@TRowePrice) head of corporate social responsibility, Renee Christoff, and Scholastic Parent & Child Magazine (@ParentandChild) were joined by a star-studded audience for an extremely informative, resourceful chat. 

@TRowePrice: We're excited that best-selling author @BethKobliner will be joining financial education chat #TRPKids at 11 am EST today (tweet)

@christaylor_nyc: Stoked to join @BethKobliner, @Elle_CM, @STisdale1 & more to talk about kids & money! @TRowePrice #TRPkids (tweet)

With only one hour to chat with our panelists, we started with introductions then quickly moved into the discussion on financial education – starting with tips for parents looking to raise money confident kids.

@TRowePrice: A2b. Our research shows having money conversations is the most impactful way to teach kids about money #TRPKids ^RC (tweet)

@ParentandChild: A2: #1 Tip? Relax! Nearly three-quarters of parents are reluctant to talking to their kids about financial matters #TRPkids (tweet)

@ParentandChild: A4: Teaching finances can help parents manage the expectations of their kids—especially when you're dealing with a "gimme!" kiddo. #TRPkids (tweet)

Our audience chimed in with some good tips of their own. It was great to see such a passionate group sharing their own tips and experiences with financial literacy.

@STisdale1: Very powerful to share your financial mistakes with your kids and tell them how important is it to you that they don't make them  #trpkids (tweet)

@mandaclay: A2. Be visible, open, and inviting as you confidently manage your own money. Be a conscious role model. #TRPKids (tweet)

@dougboneparth: A4: Becoming financially #educated and #empowered allows you to be #proactive with fin. decisions, not reactive. That's a relief! #TRPkids (tweet)

Since allowance is often cited as a teaching tool to help kids understand money,  we asked our panelists to share their opinion on the benefits of an allowance for financial education.

@TRowePrice: A9: Our research shows kids who get an allowance are more money savvy than those who don't #TRPkids ^RC (tweet)

@ParentandChild: A9b: Kids who get an allowance are more knowledgeable about managing personal finances. #TRPKids (tweet)

@ParentandChild: A9c: Plus they're more likely understand the value of a dollar AND to think their parents set a good example for spending wisely. #TRPKids (tweet)

Finance isn’t an easy topic; neither is getting people interested in learning more. We asked our audience what their biggest challenge is when it comes to spreading the word on financial literacy – and they did not hesitate to share with us!

@LaurenYoung: A11) Being money smart is like dieting. People know what's best for them, but they don't do it! #TRPKids

@dougboneparth: That #finlit is not "#cool" and it carries the stigma of being "#difficult" or "scary". I think it's critically cool! #TRPkids (tweet)

@BethKobliner: #TRPKids A11 Money is taboo for so many families. We talk about the facts of life in all realms--except the basic facts of a financial life. (tweet)

@SarahinAnnArbor: Along with $ management, kids need to be taught how to get paid: Job application, presentation, professionalism. #TRPkids (tweet)

Our #TRPkids chat had flown by, filled with links to resources and insight to make financial education an activity the whole family can enjoy. Our thanks to T. Rowe Price and Scholastic for sharing their research and tools to help raise money savvy kids and our audience for all their input.

@TRowePrice: Thank you all SO much for joining us to chat about this important topic #TRPkids ^RC ^SR (tweet)

@ParentandChild: Parents, has today’s discussion made you think differently about anything? (It has for us!) #TRPkids (tweet)

Please check out the Storify archive of the chat and if you have more questions for our panelists. Be sure to tag @TRowePrice and @ParentandChild while including #TRPkids in your tweets.