Kids, Wealth, and Consequences: Ensuring a Responsible Financial Future for the Next Generation

Appendix 1. Checklist of Financial Skills Assessment

Skill levels:

B Basic Skills are often overlooked by high-net worth parents. These are skills that you hopefully possess and can teach to your kids. They are best taught informally in discussion surrounding an event or situation.

I Intermediate Skills are the next step in teaching the nuts and bolts or blocking and tackling of a basic skill. They are more sophisticated skills that are necessary for understanding the complex investment world.

A Advanced skills are most often needed by high-net worth adults or those that plan on making investing their career or serious hobby.

Every child will not have the same interest in learning about finance. We believe that every child should learn most of the skills described below, whether they have a natural interest or not. These are the skills children will need to manage their wealth and daily finances successfully.

On the other hand, those kids who have a great interest in learning financial skills will be motivated to learn the basics, as well as more technical skills—what learning experts call nice-to-know skills. We have marked these learning experiences with a T (for technical). They can be introduced to children as they seem interested and able to grasp that level of information. They should not be forced on kids who do not have interest, although you can encourage them to learn as much as they want.

TOPIC	OUTCOME: THE CHILDREN WILL BE ABLE TO...	TECHNIQUES	SKILL LEVEL
[a]
Banking	... describe ...