SALT LAKE CITY — Financial literacy and money management are some of the most important skills parents can pass on to their children, according to Utah State Treasurer Marlo Oaks.
"Hopefully this is something that parents will encourage their kids with and recognize that learning when they are young is really beneficial for later in life," Oaks said.
The state treasurer emphasizes that financial education needs to be introduced early and practiced consistently to develop good habits that will impact children throughout their lives. "It's foundational in all of our lives, we are all making financial decisions of various complexities. Particularly, the older we get the more complex it seems these decisions become, and so it's really important that we make wise financial decisions," Oaks said.
Oaks points out that the financial situation for many Americans remains concerning. Consumer debt in the United States has surpassed $18 trillion, with student loan debt at $1.8 trillion, and less than half of Americans have $1,000 set aside for emergencies.
For Utahns looking to improve their financial outlook, Oaks recommends starting with a personal financial review. This involves examining monthly income and expenses to establish a budget, then finding ways to reduce spending to ensure income exceeds expenses.
The state of Utah offers a free resource to help residents with various money matters, which you can find here. The online portal also provides teaching tips on introducing financial skills to children through interactive games.
More free financial toolkits can be found at https://treasurer.utah.gov/toolkit/
