MSN: Should Teens Contribute To Saving for Education?

“While some parents may struggle with feelings of guilt or shame in not being able to afford to pay for college, it is important to practice self-compassion and understand there may be hidden blessings in this situation,” said Joyce Marter, a licensed psychotherapist and author of “The Financial Mindset Fix: A Mental Fitness Program for an Abundant Life”, who strongly recommends teaching one’s children financial literacy sooner than later.

“Sitting down with your child and explaining the cost of college and the money that needs to be raised to make it a possibility is a wonderful opportunity to teach the basics of money management, budgeting, saving, and goal setting,” Marter said. “Financial literacy is a skill that will benefit your child throughout their lifetime.”

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