Kids and Money
Jean is joined by psychologist Caryn Boxer, co-creator of The LearningCents Bank, an educational toy that helps empower children to make good choices with their money. Caryn says The LearningCents Bank teaches kids to divide their allowance into three categories:
- Money to spend
- Money to save
- Money to give to charity
Also joining the program is Money magazine's Stephen Gandel, who says saving is a behavior best learned by doing. To help children grow up to be smart about money, Stephen says parents should begin talking to them at an early age about money and saving. Stephen also says parents should encourage kids to earn their own allowance money and to set goals for themselves.