I am conducting a study on grandparenting roles.
If you are a grandparent, you are eligible; if not please forward to any people you know who are grandparents. Here is the url.
http://www.surveymonkey.com/s.aspx?sm=fuv6_2bE3QZeAAQwCk1CnlWg_3d_3d
Cut and paste it into the address bar.
Thanks for your assistance in recognizing this under-investigated area of relationships.
Suni Petersen, Ph.D.
Thursday, July 24, 2008
Monday, July 21, 2008
New Product teaches a child Financial Saavy
It is never to early to teach a child about money management?
Preschoolers: More is better and all money is equal in their minds. Therefore, giving the child 100 pennies is better than giving $1. They can then divide the money into spending, saving or giving. At this age the idea of investing holds no premium because they are totally present centered. Even if it were the same amount, coins are more valued than bills.
Early school age: It is actually not until 7 or 8 that a child completely grasps the idea of different values for the money yet even as early as preschool, the child can be taught to discriminate between the different values of money. If you give money with the idea of teaching the child the different uses (saving, spending, donating, investing) split the money into different amounts, i.e. 10% for savings means giving a dime within every dollar so the consequence of using money for different goals is immediate.
Older elementary age children: Children at this age are naturally competitive. They can be involved in goal-setting and choose the percentages that are earmarked for each use. Then make frequent checks on their progress to their goals. Self-monitoring is one of the best ways to encourage or change a particular behavior. Children this age who are learning basic math could keep a log or an excell file of their financial growth in each of the areas.
Adolescents and pre-adolescents: This is the age to begin to focus on investments. Young people can learn how to manage stocks, bonds, commodity trading. Buy stock (even just a share or two) and have them track it over time. Disney stock still offers stock certificates that are decorated with their characters. Watch their excitement when you choose companies that make items they use, stressing that they now own a part of the company.
The concept of donating to someone less fortunate can be introduced at any age to encourage sharing. The younger the child, the more concrete the donation should be so the child gets the emotional sense of the gift.
The newest version of the piggy bank is actually a finance organizer. The pig has separate "stomachs" marked "save", "spend", "donate" and "invest." Each section is locked. It comes with financial advice. You can get this money organizer by checking out www.toyconnex.com.
Preschoolers: More is better and all money is equal in their minds. Therefore, giving the child 100 pennies is better than giving $1. They can then divide the money into spending, saving or giving. At this age the idea of investing holds no premium because they are totally present centered. Even if it were the same amount, coins are more valued than bills.
Early school age: It is actually not until 7 or 8 that a child completely grasps the idea of different values for the money yet even as early as preschool, the child can be taught to discriminate between the different values of money. If you give money with the idea of teaching the child the different uses (saving, spending, donating, investing) split the money into different amounts, i.e. 10% for savings means giving a dime within every dollar so the consequence of using money for different goals is immediate.
Older elementary age children: Children at this age are naturally competitive. They can be involved in goal-setting and choose the percentages that are earmarked for each use. Then make frequent checks on their progress to their goals. Self-monitoring is one of the best ways to encourage or change a particular behavior. Children this age who are learning basic math could keep a log or an excell file of their financial growth in each of the areas.
Adolescents and pre-adolescents: This is the age to begin to focus on investments. Young people can learn how to manage stocks, bonds, commodity trading. Buy stock (even just a share or two) and have them track it over time. Disney stock still offers stock certificates that are decorated with their characters. Watch their excitement when you choose companies that make items they use, stressing that they now own a part of the company.
The concept of donating to someone less fortunate can be introduced at any age to encourage sharing. The younger the child, the more concrete the donation should be so the child gets the emotional sense of the gift.
The newest version of the piggy bank is actually a finance organizer. The pig has separate "stomachs" marked "save", "spend", "donate" and "invest." Each section is locked. It comes with financial advice. You can get this money organizer by checking out www.toyconnex.com.
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