CNBC Make It writer Mikaela Cohen shares how her dad exposed her to personal finance from a young age and experts share how parents can do the same.
regularly run out of money before their next paycheck, according to Salary Finance, which is up from 15% a year ago.
"By the age of 3, children understand value. By the age of 7, children have developed a relationship with money. Yet, half of parents don't talk to their kids about money, so there's a problem there," Carissa Jordan, co-founder ofIf you're starting to dive into financial literacy with your kids, Jordan says one of the first places to start by is giving them an allowance.
If you're not financially able to set up an allowance, it's also beneficial to simply talk about the aspects of your everyday life that involve money as they arise, Nikki Boulukos, Jordan's Benjamin Talks co-founder, tells CNBC Make It. If kids feel included in the conversation about money from an early age, it can help inspire their curiosity and likely make them more comfortable talking about money for years to come.My dad passed away in 2021, but I can still hear his voice echoing in my head:"'Automate your monthly bills. Invest at least 10% of your income into retirement and investment accounts. Don't let your bills exceed 50% of your income.
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