By Chris Cravens, Coffee Financial
Millennials actually crave financial advice from their grandparents. It seems both generations share similar attitudes about money. So consider sharing your financial wisdom early and often; they’ll listen. You can:
- Refresh Your Memory. Think about how much your first job paid or first car cost. How did you afford big ticket items without the help of your parents? Listen for verbal cues. Questions such as, “Why can’t I have that”? or “How did you save so much?” are good ways to insert your own wisdom and experience.
- Share your Values. Bring up the importance of saving and sharing when gifting money. Help kids allocate their income or monetary gifts among saving, spending, investing and giving to charity or take them to open a savings account.
- Tell Stories. Share anecdotes about saving for your first house or how you bounced back from a bad financial decision.
- Talk About Goal Setting. Use financial goals they’re interested in, such as a new bike or tablet. Help them learn to save and comparison shop.
- Make It Fun. Remember Pay Day and Monopoly? Games can be effective ways to teach financial concepts and enjoy time with your family.
- Share the Power of Education. Discuss opportunities you’ve received (or maybe missed) because of your level of financial know-how. Put grandchildren’s digital prowess to use to find online resources that bolster financial knowledge.
Young adults say: 85% are willing to discuss finances with grandparents. 73% say grandparents already have influence on their finances.
Grandparents say: Only 8% are willing to open this conversation. 30% believe they can influence their grandchildren’s financial habits.