WASHINGTON, DC -- In this current economic environment, your kids may be learning some really tough lessons June 17 The following personal statement by Eleanor Blayney, Consumer Advocate for the Certified Financial Planner Board of Standards (CFP Board), was released today:
Dads, along with the tie and golf balls and refrigerator paintings this Father's Day, you are getting something much more important. You are getting your kids' admiration. According to a 2008 Junior Achievement survey, 54% of children aged 12 to 17 cited their parents as their primary role models. Next most influential at 13 percent? Their friends. That is a huge edge for you dads to do some major molding of character.
But when it comes to modelling financial responsibility, many American Dads may not, by their own admission, be the greatest examples to their children. In a survey conducted by the National Foundation for Credit Counselling, 41 percent of American adults gave themselves a grade of C or lower on their knowledge of personal finance. Almost as many of the survey participants also acknowledged that home is where most of the lessons about finance are learned.
In this current economic environment, your kids may be learning some really tough lessons, by watching you dealing with some really tough realities. It is not just a matter of learning from you how to pay bills, or use the ATM. They are seeing you dealing perhaps with job loss, home foreclosure, lost savings, or less drastically, decisions about reducing household expenditures or cutting back on vacations or gifts. You may think you are doing what you can just to make it through this bad period, but you need to be aware that your actions and attitudes are what will set up your kids for the bad financial periods that they will inevitably face in the future.
If ever there was a time to talk to your kids about finances, now is it. Get them involved in the financial decisions you are making or need to make, share with them the hard choices you may be facing, and tell them what you are doing about your job, your bills, your savings. If you are one of America's C students in personal finance, take this time to study and learn with your kids and show them that financial management is an area for life-long learning. Knowing that they are watching you, in this area as well as in so many others, may be just the thing you need to get your financial house in respectable order.
About Eleanor Blayney, CFP(R): Eleanor K. H. Blayney, CFP(R) is a pioneer in the field of professional financial management. Her professional financial advice on topics ranging from how to design large-scale investment strategies for high net worth individuals to helping families develop and abide by their budgets and meet their financial goals. Eleanor is President of Directions LLC, a firm that assists women with money issues, and helps them to build their confidence as competent financial consumers and decision makers. She has been a professional financial planner for more than 20 years.
About CFP Board: The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP(R) certification and upholding it as the recognized standard of excellence for personal financial planning. CFP Board currently has more than 58,000 CFP(R) certificants in the United States. For more about CFP Board, visit www.CFP.net.
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Source: Certified Financial Planner Board of Standards, Inc.
CONTACT: Stacy Dimakakos, +1-646-284-9417, sdimakakos@hfgcg.com, for
Certified Financial Planner Board of Standards, Inc.
Web Site: http://www.cfp.net/
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