Labor Day, a nationally celebrated holiday in the United States, offers more than a day off from work or school. It’s a valuable opportunity to honor the contributions of the labor force while also teaching children about work, money, financial stability, and saving for retirement.
Understanding the value of work
Instilling a strong work ethic in children begins with understanding the importance of work itself. Use this day as an avenue to:
- Discuss different professions
- Talk about worker contributions to society
- Explain the significance of each job’s role
Encourage your children to appreciate the efforts that go into the work done by people around them. Show them that every occupation, from the postman delivering mail to the doctor treating patients, requires dedication and effort, and contributes to the well-being of our society.
Teaching children about money
After understanding the value of work, the next step is introducing them to the concept of money. It goes beyond counting coins and notes. It is about teaching them the idea of economic exchange – money is earned through work.
It’s essential that earning money from work supports various needs and wants, such as food, clothing, shelter, entertainment, and activities like visiting the zoo.
Labor Day is an ideal time to introduce budgeting, savings, and spending wisely. Give children opportunities for small jobs around the house in exchange for payment, to provide valuable firsthand experience with earning money.
Discuss why planning for retirement is important
While retirement may seem like a remote concept to children, it’s never too early to start teaching them about it. Help them understand how lifelong planning and saving can play a major role in working toward a comfortable standard of living during that time. A savings account can serve as a practical lesson in how saving over time may result in account growth through accumulation.
By making these concepts relatable and understandable, children can grasp the broader concepts of work, money, and how to save for their financial futures.
SWG 4705743-0725b This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.
Our family financial services firm, August H. Velten & Associates, has been in business for 12-years in Melbourne, FL. August Velten (CLU) is a 40-year veteran of the Financial Services industry. August is a former instructor for the Life Underwriter Training Council and once occupied the legislative seat for the Maine Association of Life Insurers. In Brevard County, you may have seen him on local access TV or read one of his articles in a local area magazine. Jessica Waterhouse, August’s daughter, left her own practice to join the firm in 2019. Jessica is a Florida licensed insurance producer, securities licensed (Series 65), a long term care specialist (CLTC) and holds certification as a National Social Security Advisor. Both August & Jessica are instructors for financial literacy workshops in both Brevard and Indian River County offering education in Social Security and Financial Planning. Contact the office today to schedule an introductory meeting or review of your current financial plan.
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