Experience Is The Best Educator For Teaching Teens How To Handle Their Finances

Teaching our children how to handle money begins in the home. A new study shows that the majority of teens prefer to learn through experience rather than education, but are they being heard?

New London, WI (June 4, 2008) - Everyone has their own formula for what helps them learn, the most universal being experience. When you fall down, you get back up. Then you keep going while reminding yourself that you shouldn't make that same mistake twice. Some of those falls may be worse than others, but the lesson is the same. So why shouldn't that apply to financial education?

A recent survey released by The Charles Schwab Corporation (http://www.aboutschwab.com/community/financial-literacy/teens-and-money.html) has shown that teens want to take on the responsibility of learning first hand. The survey, which states that around two-thirds (64%) of teens would prefer to be guided in the ways of money through experience, is a new stepping stone in convincing parents that they need to teach their children the important basics before they leave the home.

The author of "The No-Cash Allowance" (http://www.walnutrow.com/), a Mom's Choice Awards® Gold Recipient, Lynne Finch shares her thoughts on the topic, "Schools can’t teach real money management because they can’t provide money, hence real experience. Only parents can do that." Also adding that, "Parents know that kids will make mistakes while learning to walk or ride a bicycle, yet they don’t want their kids to make mistakes with money. This results in parents retaining control, telling and directing, not realizing that they are depriving kids of the chance to make their own decisions and learn from the results."

In her book Lynne shares ideas on how parents can work with their children to help them become more responsible with their money. With ideas for children starting as young as pre-school, her book gives parents the guidelines and information needed to help their children reach money management success.

"It does not require financial expertise but rather the willingness to give control and responsibility for money to the child." said Lynne, when asked to comment about her no-cash system, "In this system a child control all funds received from parents through a written credit-type account with adults acting as bankers. The account balance shows the amount of money or credit available to the child. A no-cash allowance gives kids a “big picture” view of their money and shows that each decision affects the balance."

About Lynne Finch

Having published "The No-Cash Allowance" in 2004, the advice she shares is still going strong. In 2006, The Mom's Choice Awards® (http://momschoiceawards.com/) made Lynne a Mom's Choice Awards® Gold Recipient. The seal that they give to products they find to be family-friendly and of a good quality is what separates "The No-Cash Allowance" from other books on the market.

Not just an author, Lynne also appears frequently on "Money Sense" which can be found on station WISN AM 1130 in Milwaukee. She also writes an article for their quarterly newsletter (http://www.ellenbecker.com/newletters.html).

Contact:

Lynne Finch, author of
"The No-Cash Allowance:
A Practical Guide for Teaching Your Children How to Manage Money"
http://www.walnutrow.com/
E-mail: LynneFinch@walnutrow.com
Phone: 920-982-1475
P.O. Box 25
New London, WI 54961

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Don’t Pay Your Child With Cash

(New London, WI – August 20, 2004) In today’s world of virtual money, parents may be unsure how to teach their children about money management. In the book, The No-Cash Allowance, Lynne Finch solves that problem by showing parents how to give their child experience spending money that never exists in the form of cash.

The No-Cash Allowance: A Practical for Teaching Your Children How to Manage Money describes a proven method of teaching children how to manage money using cash and cashless transactions. This day-to-day money management experience includes activities that enable children to learn about debit card spending, ATMs, electronic transfers and credit spending. Activities and concepts are included for children from pre-school through high school.