DALLAS, June 1, 2021 /PRNewswire/ — The National Financial Educators Council has launched the Family Chore Project and made the resources available complimentary to parents and educators teaching kids about money. The lessons help families establish a structured system of income and chores for kids that will help them develop positive money management skills and get in the habit of working to earn money.
The NFEC’s Family Chore Project was designed to help children pick up much-needed financial literacy skill sets and apply what they learn through ongoing project-based learning activities that help them form positive financial behaviors.
The chores for kids and parents’ materials are available complimentary for parents as part of the NFEC’s campaign to address youth financial illiteracy and to counter the influences that mold negative financial behaviors.
The Family Chore Project provides hands-on financial education that focuses on four high-impact goals:
Earning Money: Kids complete chores to develop a strong work ethic, connect the relationship between work and earning money, and understand the value of money.
Contributing to Household Bills: Children practice adulthood by contributing to paying a small portion of the family bills. This element helps them understand the expenses they will face as adults.
Paying for Items They Want: Instead of parents purchasing items their children want, kids become empowered to make their own purchase decisions, save for items they want, and learn about opportunity cost.
- Saving for the Future: The main goal of the chore project is to get kids in the habit of saving money for their long-term futures. Getting kids to think about future needs early and encouraging them to set money aside will help them progress toward those goals.
The chores for kids project is separated by age to make the activity appropriate for their developmental level. Levels overlap depending on cognitive development and serve these age groups: 2 – 5, 5 – 7, 7 – 11, 11 – 15, and 16+. The project can continue until they are independent adults paying their own bills.
Children are consistently being exposed to financial influences in the form of advertisements, peer interactions, social media personalities, and parental upbringing. To combat negative influences, parents and others serving kids are encouraged to make a conscious and consistent effort to discuss finances, model good financial decision-making, and provide opportunities for kids to practice earning, budgeting, saving, and spending.
“Raising self-sufficient children and nurturing emotional well-being are essential parts of parenting. Because money is directly connected to both aspects, parents must take the time to educate their children on personal finance matters and conduct regular activities that help them build the skill sets they need to live fulfilling lives. Without these proactive measures, many kids will fall into the common financial traps people experience as adults.” Vince Shorb, CEO, NFEC
Between April 28 and May 4, 2021, 1,040 respondents were asked, “Which parent taught you the most about money and personal finance?” The proportion of respondents who selected “Mother” was 23.7%, while 22.6% selected “Father.” However, the top answer was “Neither” at 53.7%. View the full survey results here.
The Family Chore Project is an effort by the NFEC to help mold positive financial behaviors in children. Other campaigns by the NFEC focus on stopping advertising to kids and improving how educators teach kids financial literacy.
The NFEC is a public Benefit Corporation whose mission focuses on providing top-quality financial education programming for kids, teens, and adults. The NFEC’s social impact-focused enterprise has supported the development of thousands of programs over the last decade to reduce the cost and time required to design programming.
SOURCE National Financial Educators Council