Teaching your kid to save their money can be a challenge for some, but Fidelity makes it easy with their new and improved resources. Vice President of Youth Investing at Fidelity, John Boroff, joined Inside South Florida to share how it is done.
“Parents don't want to burden their kids with too much information, especially if they've had any sort of financial difficulty,” says Boroff. “Or it could be that they're just not fully confident in their own skill set and their ability to pass on good money habits.”
Despite some parents’ hesitation, Boroff says the earlier you start investing, the better.
“We know that most teens learn best by if we use the analogy of driving. Teens don't learn how to drive in a classroom and then immediately go take their road test. They typically spend many hours behind the wheel with a parent or another trusted adult in the passenger seat for guidance, says Boroff. “We look at investing very much the same way. It's really important for teens to have the opportunity to have that guided experience as teens.”
For more info, visit Fidelity.com/youth
This Inside South Florida segment is paid for by Fidelity Investments.