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Parents, kids all need financial literacy

For many young people, technology and the internet are a comfortable space, while for older generations they can still be strange and a little frightening. But when those young people become TOO comfortable with their gadgets and apps, it opens the door for poor decisions if a child has not been well educated and prepared.

Ohio’s Department of Commerce is working on shoring up that preparation as its division of Financial Institutions and Securities work to promote financial literacy. Even for older Americans, one survey showed only 34% could answer four of five basic financial literacy questions correctly.

So while even the adults are flailing, children are being bombarded by “fun” apps that lead them to making questionable investment choices in “gamified” investment apps later.

“It is a priority of the DFI’s Office of Consumer Affairs to proactively educate Ohioans, especially youth, on the importance of developing a healthy relationship with money,” said DFI Superintendent Kevin Allard. “In addition to the Financial Literacy Grant we award each year, we provide outreach and education through speakers and resources on our website.”

DFI points to resources such as The Jumpstart Foundation, Investor Protection Trust, FINRA Foundation and the American Library Association, FINRA, or Investor.gov.

Parents should take advantage of the options available to better prepare children to be good stewards of their own money, even in this digital age. In fact, parents can probably learn a thing or two as well. Anything we can do to make smarter earners, spenders, consumers and investors, is a win for all of us.

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