Kids and Money Interactive Infographic
September 01, 2010
Money Management International (MMI), the largest nonprofit credit counseling agency in the nation, has just released a new interactive infographic that visualizes how kids of different age ranges use and learn about money.
Following are statistics over three age groups (under 10, 10-14, and 15-18) as they relate to the infographic and tips on teaching those groups good money management skills.
Kids under 10
- Kids under 10 spend 54 percent of their money on wants – that is more than any other age group.
- Kids under 10 also devote more of their money to savings than any other age range: 28 percent.
- The major influencer for children younger than 10 is their piggy bank.
- Three times as many children under 10 have bank accounts than their parents did when they were that age.
- Young children are at an opportune age to begin good saving habits. Give children piggy banks to encourage saving when they are very young. Once they are a little older, graduate them to their own bank savings account.
Kids age 10-14
- Children in this age range spend a greater percentage of their money (20 percent) on things they need.
- Kids today are five times more likely to learn about money as children than their parents did as children.
- The major financial influencers for 10-14 year olds are schools and structured learning.
- Parents should take advantage of the financial lessons schools offer to kids, such as fundraising opportunities, and expand on those lessons at home.
Kids age 15-18
- Teens spend more of their money than any other age group on needs – 27 percent. This shift probably reflects teens increased responsibility over their lives, including responsibility over their finances.
- The major influencers for 15-18 year olds are their parents.
- Parents can help prepare 15-18 year olds to be good money managers by involving them in the family finances. Encouraging teens to get a job and earn their own money will also help them learn financial responsibility.
The interactive kids and money infographic and code for inclusion in websites are available on MoneyManagement.org.
About Money Management International
Money Management International (MMI) is a nonprofit, full-service credit-counseling agency, providing confidential financial guidance, financial education, counseling and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan and repay debts. Counseling is available by appointment in branch offices and 24/7 by telephone and Internet. Services are available in English or Spanish. To learn more, call 800.432.7310 or visit www.MoneyManagement.org.
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