I’m a Wealthy Millennial: 4 Financial Skills I’m Passing Down to My Children

June 25, 2024 DINARRECAPS8

Heather Taylor Mon, June 24, 2024

Gen Alpha, and future generations to come, may be on track to receive the financial literacy they deserve.

A new study from Bank of America titled the “2024 Study of Wealthy Americans” reveals emerging trends around generational wealth and its influence on financial strategies. Data from the 2024 quantitative survey shows that 48% of wealthy Americans said they would initiate the conversation when it comes to teaching their children or heirs financial skills.

What kinds of financial skills are wealthy Americans planning to pass down to their children or heirs? GOBankingRates spoke to Dave Fortin, the millennial co-founder of investing app FutureMoney and a new dad, to learn more about the financial skills he plans to pass down to his children.

Delayed Gratification

In March 2024, GOBankingRates surveyed 1,008 American adults on a series of questions related to financial literacy. When asked about the poor money habits they learned from childhood, 36% of respondents said they picked up impulse shopping.

This won’t be the case for Fortin. He told GOBankingRates he plans to talk to his kids about delayed gratification. Beyond avoiding impulse purchases, it’s a lesson that will help his children in many other aspects of their lives.

“By using the language of money, you can show your kids the advantages of saving today for something in the future, and how your money can grow,” said Fortin.ughh

Goal Setting

Another skill Fortin plans to teach his children is how to set goals, which he considers to be important in money and in life.

Learning how to set a goal — whether this is a goal towards going to college, buying a car or purchasing your first home — is only one part of the equation, according to Fortin. He added that it’s important for children to learn how to create a plan that will help them achieve the goal.

Being Good Stewards of Capital

Fortin’s list of financial skills he plans to teach his children include comparing income and expenses, understanding taxes, basic banking products and basic investing principles. Many of these skills are confusing to adults, especially those who lack the proper financial literacy background. As an example, nearly 17% of Americans surveyed by GOBankingRates in March 2024 said they didn’t clearly understand how taxes work.