“Very few kids are being taught personal finance stuff in school,” says Murset. “Parents think financial literacy should be taught in schools, schools argue it should be taught at home, and at the end of the day it falls back on the parents or it falls through the cracks. If high schools and colleges pick up the baton, what they’re providing is often too little, too late. This has to start in elementary and middle school, and it should be a front-burner issue for parents.”
Many millennials fell behind after graduating from college because they struggled to find full-time employment during the great recession, difficulties often compounded by the burdens of consumer and student loan debt. Murset believes that the next generation can avoid many of these problems by becoming financially literate and investing for their long-term goals at a younger age.
By referring their clients to BusyKid, advisors can help their clients enjoy more financial stability within their households and cultivate meaningful relationships with the next generation outside of the context of legacy planning and inheritances.
“Your clients’ kids need to figure this stuff out, and this might be a tool that can help them,” says Murset. “That’s super powerful and brings value to the advisor, and it has a huge impact for that family if the kids learn and begin to capitalize on their financial literacy.”