We regularly post poll questions on LinkedIn to raise awareness and catalyze discussion on the importance of youth and family financial literacy education.
We welcome everyone to take the polls, join the discussion, and compound the conversation and awareness.
Have a Sammyriffic day!
FEBRUARY 3, 2022
Poll Question
What do you consider the biggest benefit of giving children cash gifts?
Additional Questions Found in Comments
(1) How important is it for children to learn to budget?
(2) At what age should parents, teachers and community leaders begin to teach children to budget?
Community Comments
Ernie Lemmerman, Professional Engineer
The sooner you learn how to handle money the better. You learn by doing and by making mistakes. Do it as young as possible with small amounts. It will save a lot of grief later on.
Nicole Martin, Personal Finance Educator
1) It's extremely important for children to learn to budget their money. It's a planning skill that applies to all areas of life e.g. how do I make things last for as long as I need them to last, with the limited amount of resources that I have?
2) Any adult can introduce budgeting to children by discussing their own budgets e.g. I have $50 to spend on fuel (gas) for my car and that needs to last me for the month. Will that be enough or is it too much? How much money did I spend last month on fuel? Can I expect to use the same amount of fuel each month in the future? I might need to consider fuel price increases 😮
Lynne L. Finch, Author, The No Cash Allowance
I recommend giving kids money as a number instead of cash. When kids have a written account they learn to manage money as a number, much as we do as adults. From their fund they can make their own decisions on buying, saving or donating with parents acting as facilitators.
Gregory Young, MSAFP, CFP (c), EA
I appreciate all three above options, except it comes down to the conversation had when receiving the gift or when the child is empowered to allocate the funds.
Brian Coniglio, MBA, MA
Sam X Renick, Kids Money Education a budget provides one with direction and a plan. Without one overspending is likely to occur.
Read a child Sammy’s Big Dream – Do it today!
FEBRUARY 2, 2022
Poll Question
You may delay but time will not. Teach & talk to kids about earning compound interest & to avoid credit card debt where they pay it.
Agree. Disagree. Perhaps. Link to 2-2-22 Poll
Community Comments
Mark Celio, PHR
I totally agree. There is the famous example of a person saving just $14000 total between ages 18 and 25 years old will have more at retirement than someone who saves $2000/year forever but waiting until age 27 to start. I agree with whoever said that that chart (and why person A has more) should be required knowledge of all middle schoolers.
Listen to a Sammy Song – Do it today!
FEBRUARY 1, 2022
Poll Question
Learning the difference between what we want & what we need is a big step toward learning to use money wisely?
Agree. Disagree. Maybe.
Community Comments
Lynne L. Finch, Author, The No Cash Allowance
Kids do not have to fund needs as adults do. A more instructive lesson for kids is to determine what they can afford given their money resources. Making this decision helps them decide whether to spend today or not spend (save) their money for a future choice.
When they become adults, needs are obvious: shelter, food, clothing. Managing money as an adult requires funding the necessary and then using what's left for wants.
As kids are growing up having discussions about how the family allocates money helps them understand that much of the family's resources are used for needs.
Brandon Lawler, Financial Coach
Thanks for bringing awareness to such an important topic. A little delayed gratification goes a long way!! Keep up the amazing work and thanks for being authentic. We need more of that in 2022!
Sharita M. Humphrey, CFEI
It’s imperative to learn the difference between wants vs needs. Knowing the difference between the two will help to have a better relationships with money and harvest positive money behaviors.
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