Craig Everett Shares Expertise with U.S. News & World Report
Teaching children about money, such as saving and spending wisely, can help them for long-term success. In a recent U.S. News & World Report article, Craig Everett shares his thoughts on how to teach children and young adults about money. When it comes to providing a child or young adult with a debit card or credit card, Everett suggests only providing children and college students with a debit card. “I do not recommend credit cards for anyone under 25. The frontal lobe, which allows people to connect current action with long-term consequences, does not fully develop until the mid-20s. Credit cards allow current spending that may have significant negative future impacts.” Everett shares. Instead he recommends that parents encourage their young adult children or college students to use debit cards exclusively until the age of 25.
For children under the age of eight, Everett shares how credit cards make it difficult to teach children about money due to the card being an abstract item and does not show how much money is in the account. “Using physical cash is more effective in teaching children the valley of money…coins are the most effective because of the differences in size and weight. Young children really enjoy activities of counting and exchanging coins,” Everett says.
The full article is available on U.S. News and World Report.