In the latest episode of Business Matters, presented by Valley First, a division of First West Credit Union, host Rob Cupello welcomes guest Karl Reddick, wealth advisor at Valley First.

Cupello and Reddick discuss the financial well-being of children and the importance of implementing money management habits from an early age.

As a wealth advisor at Valley First, Reddick's daily responsibilities include comprehensive financial planning, which entails involvement in areas such as retirement planning, investment strategies, and tax management.

During the discussion, Reddick suggested it's a good idea to encourage good saving habits in children early on.

"If we try to find ways to establish those good habits of saving at an early age, hopefully it will translate to financial success down the road,” he says.

However, he acknowledged that finding the time and approach to discuss money matters with children of different ages can be challenging.

Recognizing the daunting nature of parent-child discussions about money, Reddick offered some practical suggestions such as utilizing special occasions like birthdays or when children receive money as an opportunity to discuss saving.

He also recommended easing children into financing through everyday activities and board games such as junior monopoly to teach children about money management.

For children who have their own bank account he explains the benefits of opening a savings account and setting up automatic transfers. This not only encourages saving but also keeps the money separate from spending funds, allowing children to witness their savings grow.

In today's increasingly cashless society, children may struggle to grasp the value of money when it exists only digitally. 

Therefore teaching them to save early on can help them understand the importance of financial responsibility, budgeting and making informed spending decisions Reddick suggests.

To find out more about what you can do as a parent to educate your children about finances and simple activities you can do as a family, listen to the full episode. You can also check it out on Youtube, Spotify and Apple Podcasts.