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Parents and kids pick their price with innovative gift that teaches money management

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Parents and kids pick their price with innovative gift that teaches money management

My Money Town

Knoxville, Tenn. As part of an innovative campaign to help parents teach kids about money management, Crown Financial Ministries has developed a “Pick your Price” project with its creative My Money Town, a unique resource to help parents start the important task of teaching money responsibility to children. Three eye-catching illustrated tins hold children’s money for spending, saving and giving to make these priorities easily understood. Recognizing how important it is for all families, regardless of income, to start teaching their children early how to manage money, Crown is allowing parents to name their own price for the My Money Town tins. This offer is limited to one per family while supplies last.

Crown Financial Ministries’ President Robert Dickie III said that teaching children how to express their priorities in their spending and savings can begin even in the toddler years as parents teach delaying gratification and learning to wait your turn.

“It’s never too soon to teach children about money,” noted Dickie. “In fact, people may be surprised to learn that the Bible has more verses about money than heaven or hell. Finances affect us all daily and learning vital financial skills is something too many people avoid.”

Earlier this year, USA Today examined the financial literacy of young people in particular – and found a serious problem. Reporter Hadley Malcome wrote: “The Treasury Department and Department of Education have teamed the past three years to assess financial literacy in U.S. high schools, and the results haven’t been pretty: the average score of almost 76,900 students in 2010 was 70 percent. Last year’s testing of about 84,000 students and this year’s of about 80,000 students were both a point lower: 69 percent.”

“Money skills are really about modeling patience in working for your resources and waiting for what you want, in showing concern for others in charitable giving, and in saving for a rainy day,” said Dickie. “One of the best ways that parents can help their children truly understand money is to insist that their children earn money for chores, as all hard work yields a profit over time.”

My Money Town tins, combined with a parent’s efforts to help children learn how work and reward are connected, can be the tools that lead to future success. The website includes free resources like bed time stories, audio messages and articles to make teaching children about money easy, fun and a wonderful memory-making event for parents and children.

But research indicates teaching children about work and reward can be more than a bonding experience or a way to get help with the dishes. A study by University of Minnesota Associate Professor Marty Rossmann found that the “best predictor for young adults’ success in their mid-20s is that they participated in household tasks at age 3 or 4,” according to a report at Parenthood.com. Some skills can last a lifetime.

For more information on My Money Town tins, visit www.crown.org/mymoneytown.

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MEDIA CONTACT:
Kristi Hamrick
(202) 731-5621
media@crown.org

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