Why Aren’t We Showing Kids Money Skills?
In a rant about the state of financial education, Jenny Ford writes that we must put more emphasis on preparing our kids to manage money. She questions whether we are teaching kids about money habits that will serve them well? Only a fraction of people manage to be financially free in retirement. Most are financially dependent on the pension, handouts, or the generosity of family and friends.
Just 1% (one in a hundred) people were wealthy at age 65. Just one in a hundred Yale graduates - what would the statistic be for those who didn’t have a university education, I wonder?
Another 4% were financially independent. That is, they had passive income (income they didn’t have to work for) which was enough to comfortably cover their living expenses.
That accounts for 41% of the total sample.
The other 59% were in financial trouble. Some just had to keep working, because they couldn’t afford […]
Original post by mikejohns