There is a lot of talk in the wealth management world about the fact that the average person does not start to learn about finances and wealth until age 26. This is of interest because there will be a transfer of $400 billion within a generation and only 35% of inheritors feel prepared to manage the wealth according to the Wealth Transfer Report. The average age to inherit from a grandparent is 29 so there is a strong case for starting financial education early.
This article does a great job of highlighting the key concepts in financial literacy that form the foundation of a sound financial life. It also shares practical advice on everything from the #1 tip for maintaining a good credit score to questions to consider when getting your estate in order.
Financial education is something that we believe to be very important at any age. We regularly run financial literacy sessions and consider it a privilege to meet with the children of our clients and help them as they start to navigate the financial world for themselves. Enjoy the read - or better yet share it with your child or grandchild and help them on their journey towards financial literacy.