The Selfless Job Of Motherhood: Supporting Your Child’s Financial Future At Every Age

CFP Board Advises Mothers on Instilling Children with Financial Responsibility


Fargo, ND, May 20, 2014 – Mothers make all kinds of sacrifices for their families, including financial sacrifices to help and protect them, from covering countless childhood expenses to helping an older child during his or her own financial challenges. Mother’s Day is just one special day to honor her and recognize her willingness to make such financial sacrifices while also taking important steps to reduce their need.


Certified Financial Planner Board of Standards (CFP Board) Ambassador Paul Jarvis, CFP® shares ways in which mothers can improve their children’s financial situation and their own at the same time


“My mother kept me engaged with money very early on by teaching me to save with a goal in mind.  I still carry that engagement today and share that enthusiasm to improve my clients’ lives,” Jarvis says.


In the latest installment of “Let’s Talk Planning” blog and its “Financial Planning is for Everyone” series, the CFP Board provides advice for raising financially smart and prepared children of all ages:


  • Preschoolers: Cultivate the early awareness of money by giving your 4 or 5 year old a small allowance. Explain that money has various uses – for spending, saving, or giving – and reinforce this concept by designating three jars or piggy banks for these purposes.


  • Elementary school age and pre-teens: Open up a savings account for your child, making sure there are no account fees or minimum balances. Let your kids carry small amounts of cash so that they learn what things cost and master the mathematics of transactions.


  • Teenagers: Provide an allowance for personal items and teach teens to use a budget to manage these funds. If appropriate, it’s a great time to set up a Roth IRA as a first lesson in long-term, retirement savings.


  • College students and young adults: Introduce your children to your financial advisor and accountant, and ask these professionals to spend an hour or so providing some basic counsel on investing, money management, and taxes. Get your college-bound student fully engaged with the finances of higher education, including creating a contract with your child for expenses you will be financing, outlining expectations and any repayment terms.


  • Adult children with kids of their own: Respect their independence and financial choices. If you offer help, consider paying for a CFP® professional to guide them out of trouble, rather than you using your own resources to make things “all better.”


Teaching children about finances, no matter what age they are, involves a lot of effort and patience from already busy moms. Enlist the help of a CERTIFIED FINANCIAL PLANNER™ Professional who, through careful planning, can help position both mother and child for long-term financial success.




“Let’s Talk Planning” is a blog by CFP Board Consumer Advocate Eleanor Blayney, CFP®, with posts each week with practical financial planning tips for consumers, as well as insights into the latest developments at CFP Board.  In addition to offering counsel on timely and evergreen financial planning topics, once a month Blayney will remind readers that “financial planning is for everyone,” with tips for consumers of all ages and life stages.



The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® professionals and other stakeholders. CFP Board owns the certification marks CFP®, Certified Financial Planner™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.  CFP Board currently authorizes more than 69,000 individuals to use these marks in the U.S.


CONTACT: Dan Drummond, Director of External Relations P: 202-379-2252 M: 202-550-4372 E: Twitter: @cfpboardmedia


The information in this article is not intended to be tax and/or legal advice and should not be treated as such. You should consult with your tax advisor and/or attorney to discuss your personal situation before making any decisions.

Additionally, If you are looking for additional help, seek help from a CERTIFIED FINANCIAL PLANNER™ Professional that can look at your individual situation holistically.