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Just listen through your computer with speakers or headphones! - - PowerPoint PPT Presentation

Aug 19, 2023 49 likes •503 views

Trouble dialing in? Just listen through your computer with speakers or headphones! @CFED /CFEDNews cfed.org/blog/inclusiveeconomy @CFED /CFEDNews cfed.org/blog/inclusiveeconomy Engaging Parents in Their

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

  • Trouble dialing in?

Just listen through your computer with speakers or headphones!

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

Engaging Parents in Their Children’s Financial Development

May 12, 2016

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

Image by NUTS4BOLTS DESIGN

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

Image by NUTS4BOLTS DESIGN

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

Image by NUTS4BOLTS DESIGN

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

CFED Consumer Financial Protection Bureau

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

The Role of Parents in Financial Capability Development

Pamela Chan, CFED

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

  • Focused on the lessons

parents in low-income households are imparting to their children (what and how)

  • Conducted interviews with 20

parents with elementary-age children in low-income households and 20 adults that grew up experiencing material hardship in elementary school

  • Full report available at

http://cfed.org/knowledge_ce nter/resource_directory/

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

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  • Lessons on Spending from Interviews
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  • Lessons on Spending from Interviews
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Lessons on Saving from Interviews

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Lessons on Saving from Interviews

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Lessons on Earning from Interviews

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Lessons on Earning from Interviews

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Money as you grow

Activities and conversation starters for parents and caregivers | May 2016

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Today’s discussion

  • Parents and caregivers are a key influence
  • How children develop, financially
  • Introducing: Money as You Grow at the CFPB
  • Discussion
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Parents and caregivers

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Parents and caregivers are a key influence

  • Adults say their own parents were the source of important

money habits, skills, and attitudes

Source: Financial well-being: The goal of financial education. CFPB (2015) consumerfinance.gov/reports/financial-well-being/

  • Research reinforces that parents and caregivers are the key

influence on children’s financial development

Source: Foundations of Financial Well-Being: Insights into the Role of Executive Function, Financial Socialization, and Experience-Based Learning in Childhood and Youth. http://onlinelibrary.wiley.com/enhanced/doi/10.1111/joca.12068

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How children develop, financially

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The development of financial well-being

  • Behaviors, skills, and personal traits that support it:

 Effective routine money management  Financial planning and goal-setting  Financial research and knowledge-seeking  Following through on financial decisions

  • Skills, personal traits, and opportunities that support these

behaviors require more than financial knowledge

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Three components of youth financial capability

Executive function Financial habits and norms Financial skills & decision making What it is Self-control, working memory, problem solving Healthy money habits, norms, rules of thumb Factual knowledge, research and analysis skills What it supports Future orientation, perseverance, planning and goal setting, general cognitive ability Decision shortcuts for navigating day- to-day financial life and effective routine money management Deliberate financial decision-making, like financial planning, research, and intentional decisions

  

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Primary developmental stages

Executive function Financial habits and norms Financial skills & decision making Early childhood (ages 3-5) Middle childhood (ages 6-12) Adolescence and young adulthood (ages 13-21)

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Development is a continuous process

Executive function Financial habits and norms Financial skills & decision making Early childhood (ages 3-5) Middle childhood (ages 6-12) Adolescence and young adulthood (ages 13-21)

Early values and norms Basic numeracy Basic money management Development continues Development continues

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Research-based milestones for early childhood

Executive function Financial habits and norms Financial skills & decision making

  • Does the child begin to

demonstrate self- regulation, persistence, and focus?

  • Can the child demonstrate

these qualities when using and managing limited resources like time, money, treats, or belongings?

  • Has the child developed

basic values and attitudes around saving and consuming?

  • Does the child have early

numeracy skills like counting and sorting?

  • Does the child grasp basic

financial concepts like money, trading, and saving?

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Research-based milestones for middle childhood

Executive function Financial habits and norms Financial skills & decision making

  • Does the child show the

ability to plan ahead and wait for what he or she wants?

  • Does the child show

future orientation?

  • Does the child have a

positive attitude toward saving, frugality, planning, and self- control?

  • Does the child have

positive financial habits like planning and saving?

  • Can the child make

spending and saving decisions aligned with his

  • r her goals and values?
  • Is the child self-confident

about completing financial tasks?

  • Does the child

understand core financial processes and concepts?

  • Has the child

successfully managed money or other resources to reach his or her own goals?

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Research-based milestones for teen years and young adulthood

Executive function Financial habits and norms Financial skills & decision making

  • Does the teen

demonstrate critical thinking skills?

  • Does the teen

demonstrate future

  • rientation?
  • Has the teen

demonstrated the ability to plan ahead and wait for what he or she wants?

  • Does the teen have

positive financial habits and instincts?

  • Does the teen

demonstrate appropriate financial self-efficacy?

  • Can the teen make

spending and saving decisions aligned with his or her goals and values?

  • Does the teen grasp

advanced financial processes and concepts?

  • Can the teen

successfully manage money or other resources to reach his or her own goals?

  • Can the teen identify

trusted sources of information and process that information?

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Introducing Money as You Grow at the CFPB

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Background: President’s Advisory Council

  • One outcome of the President’s Advisory Council on Financial

Capability was the development of moneyasyougrow.org

Spearheaded by Beth Kobliner, chair of the working group

  • Site grew in popularity and reached one million hits in 2015

Source: Visitor counter at http://www.bethkobliner.com/kids/money-as-you-grow-has-a-new-home/ 34

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New home at the CFPB

  • On March 17, 2016, CFPB launched its Money as You Grow section

for parents and caregivers

www.consumerfinance.gov/money-as-you-grow

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Structured around the developmental phases

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Featured activities

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You’re invited to share the activities

  • n your own social

media

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Activities and conversation starters

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Why it works

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Two-page brochures

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Blog posts

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Keep in touch!

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

  • Parents are key influencers of their children’s

financial capability development.

  • They are critically important in shaping

attitudes, values, and norms about money during the elementary school years.

  • They are doing this whether or not they

know it as lessons are being imparted explicitly and implicitly.

  • Parents can start engaging with their kids

about money, even if they don’t feel like experts themselves.

  • Repeatedly talking through every day financial

decisions are a powerful way to get kids started on building financial capability.  Learn more about what parents are currently doing with their kids by reading CFED’ report, Imparting Early Lessons about Personal Finance

(http://cfed.org/knowledge_c enter/resource_directory/ )

 Check out resources and activities for parents at Money as You Grow

(http://www.consumerfinance .gov/money-as-you-grow/)

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/CFEDNews @CFED cfed.org/blog/inclusiveeconomy

CFED Consumer Financial Protection Bureau