Gen Alpha kids are earning money. Here's how parents can help them save and invest
Gen Alpha kids are earning and spending their own money. Parents can use savings, investing and education tools to build healthy habits.
TL;DR
- 86% of kids aged 7-14 (Gen Alpha) have their own money and 97% make independent spending decisions.
- Gen Alpha kids are entrepreneurial, engaging in activities like resale and online auctions.
- Parents can utilize tools like 529 savings plans, custodial accounts, and apps from Acorns and Greenlight to help kids save and invest.
- Financial experts stress the importance of parental involvement in teaching children about money management, including trade-offs and consequences.
- Financial literacy education, including understanding investing, can make money concepts less intimidating for children.