Teach Young People about Financial Responsibility

Information by State  Print version   10 Things to Encourage Homeownership Introduction   1. Speak Out About the Benefits of Homeownership   2. Create Partnerships to Educate Potential Homebuyers   3. Encourage Families to Save for a Downpayment   4. Help Families Improve Their Credit Rating   5. Teach Young People about Financial Responsibility   6. Hold an Open House for Homeownership   7. Put Your Faith to Work with Hammer and Nails   8. Encourage Professionals in Your Faith Community to Mentor Families   9. Help Your Neighbor by Going the "Extra Mile"   10. Help Homeowners Keep Their Homes

Consider undertaking educational programs to expose your younger members to the basic concepts of household finance, so that they are better prepared to take hold of their financial future.

• Do not forget the children and youth in your community. Homeownership is a family affair. It is important that they too understand and have an opportunity to help their parents realize the dream of homeownership. Teaching the lessons of financial literacy and responsibility cannot start too soon.
• You can:
• Encourage children and youth to share their dreams of homeownership
• Encourage kids to talk to their parents about homeownership and ways they can work together as a family to realize the dream.
• Create lessons and activities that teach about personal responsibility and financial stewardship.
• Set up savings clubs for kids in partnership with a local bank or other organization.
• Develop "play money" games for kids to help them understand how to use money and what is involved in running a household-Reward them with prizes of REAL money for an activity of their choice.
• Set up a "bank" for church youth in which young people take on the responsibility for running the operation and making decisions about risk and responsibility.
• Take a look at these web sites: http://www.jumpstart.org/; http://www.ruralhomes.org/financial_literacy.htm; American Savings Education Council.

Over time, teaching these lessons and providing these experiences to children early and often can help build a tradition of financial responsibility, homeownership and community stability not matter where you live. Look at these examples to see what might work for you.