Every parent wants to leave a financial legacy for their child. One of the best ways to do that is through a well-designed financial plan that includes life insurance. But another, often overlooked, legacy to pass on to your kids is financial literacy. Teaching your children how to handle money will help them throughout their lives, including long after you’ve gone.
Experts say the best time to start is in childhood, when habits and skills become ingrained. Young children can start to learn about delayed gratification and self-control. At older ages, kids can learn how to save and how to spend responsibly. Teens can be taught about bank accounts, earning interest and staying out of debt. And the lessons can continue into young adulthood, when children move out of the house and start to deal with living expenses.