One thing is certain – there is a lot of uncertainty around us. From rising inflation to pandemic-related financial support ending, the future can seem daunting, not only for us, but for our children as well.

We know that financial education is a critical tool during a crisis. It puts you in the driver’s seat. It gives you back control. Knowing how to navigate the financial system helps people get loans, get unemployment and manage debt wisely.

Double-down now on financial literacy education for the next generation

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Both my daughters wanted to work as soon as they could by getting a summer job.  I did not have to push them – they wanted the experience and the money.  I suspect it was also about independence.  To get her first job, Allison created a resume-without my help or knowledge – and walked around the town dropping it off hoping to get a call back for a summer job.

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The conventional wisdom is that in polite company one should never talk about money, politics or religion. I disagree with at least one-third of that advice; not only do I think that it’s OK to talk about money, I think that it’s vitally important to do so. Some of the best financial knowledge that I have accumulated over the years started in conversations with my parents, spouse and financial advisor.

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This week, I asked my daughter Allison if she would share her perspective on the plans Michael and I made to help her when her wedding day arrived. Did it work – or not? Here is what she had to say:

Susan Beacham is a nationally recognized children’s financial literacy expert and co-founder with my dad of Money Savvy Generation – and she’s my mom. So it will likely be no surprise to you, that she was putting a plan into action for (potential) future wedding costs way back when we were in our freshman year of high school. More importantly, she shared these plans with my sister and I many times over the years whenever weddings and cost came up in conversation.

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