Robert S. Bacarella, Monetta’s founder, president, and portfolio manager, shared his thoughts with Kylie Ora Lobell for her recent MoneyGeek piece on financial basics for kids. The article, titled “Money Foundations for Kids: Compound Interest,” explains why parents should talk to their children about financial health. It delves into the ways parents can encourage financial literacy, with a special focus on the concept of compound interest.
As a MoneyGeek contributor, Mr. Bacarella offered his advice about the right age to start teaching kids about good financial habits:
“Good financial habits start early in life. Most kids learn about the concept of money, savings and spending from their parents. Usually, kids already have developed basic financial habits that will last a lifetime by the age of seven. However, there is never a bad time to start developing good financial habits. The key is making it fun and entertaining for all ages.”
He also provides insight into how the concepts of compound interest and savings can be taught to kids.
Monetta is committed to promoting youth financial literacy and created a “Kids Corner” where we provide the following materials:
- Family Newsletter
- Educational Games
- Tuition Rewards Program
- Money Guide for Teens
- Short Stories
To learn more about Monetta’s financial education resources for kids, click here.