Children start to form money habits as early as age 7, a University of Cambridge study found.
, is encouraging parents to start teaching their children the important of saving early. It can be as simple as getting them a piggy bank and filling it with loose change or money from chores.
When they become a teenager, Joyce suggested helping them open investment account. He said he helped his son put some money from his summer job into a Roth IRA. “Part of this was teaching him about compound interest and how if you save this money today, how much it could be worth in the future,” he said.
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