When I was younger at still at home I never once heard my family talking about watching their credit, checking credit, or anything about credit in general. That is why I am happy to be working with #ChaseSlate and Mom It Forward Influencer Network to share how I am teaching our children about credit early on. Opinions are always my own.
In the 1920’s my grandmother’s family came to the US from Mexico. They were hard workers and paid for most everything with cash. Credit wasn’t really on their minds or even a thing for them. When I was growing up my the only time “Take Care of your Credit” was ever mentioned to me was after I got married and out the door. Times sure have changed, years later I am finally monitoring my credit and we are teaching our children to do the same.
According to the Chase Slate 2017 Outlook Survey, less than half of Hispanics (47%) are very satisfied with their credit score compared to 55% of Americans nationally who have checked their credit score, but 72% of Hispanics would like to improve their credit score and more than half (57%) have a plan to do so. They are more likely to be motivated to check their credit score out of specific financial concerns rather than because the information is provided as a free service.
How are we helping to motivate our kids to have good credit?
- Having them live within their means
- Teaching them to pay their bills on time
- We coach our older kids to Monitor their credit often!
There are so many ways to do this and you can start early. We start out play money, checkbooks and play accounts. As they got older we get them savings accounts. When they are in high school they get checking accounts.
We have been coaching them about this and it’s especially helpful that our schools have started teaching financial classes. I would have loved those classes.
There are some other key points in the 2017 Chase Slate Survey I found interesting about my fellow Hispanics:
- They are checking their credit score for strategic reasons.
- They believe that having credit transparency in the couple is important
- Hispanic Millennials are the most motivated to improve their credit scores.
- They are putting credit improvement plans into action.
- And of course, Hispanic parents want their children to learn about credit.
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