Michigan Association of Collection Agencies Offers Back to School Financial Literacy Tips for Parents

With Michigan students from kindergarten to college heading back to school, adding financial literacy to your child’s curriculum this fall can teach invaluable skills for today and in the future.

“It’s never too early or too late to talk with your kids about personal finances,” said Michigan Association of Collection Agencies President Charity Olson.

As outlined in USA Today‘s special supplement on youth financial literacy, teaching children about saving, credit, debt, budgeting and discipline in managing their own finances is essential to growth and development. “From the very basic to the complex, parental involvement in helping their children better understand how to value and manage money is essential to helping them make successful financial decisions as they grow older,” said Chris Wunder, chair of the ACA International Education Foundation Board of Directors.

Helpful tips for talking to your children about financial management:

• Be a role model. Parents, siblings and grandparents are important role models for teaching financial management to children. Lead by example.

• Be honest. Building and maintaining trust with your child is essential. Admit mistakes and share how you learned from them.

• Be interactive. Effective teaching is a two-way street. Talking and listening with real life examples is important.

• Be patient. Some children may not immediately grasp the concepts you are teaching, but don’t give up on your teaching efforts.

• Start with an allowance. For children, an allowance provides hands-on lessons in saving, spending, credit and budgeting.

The Michigan Association of Collection Agencies proudly partners with the Michigan Jump$tart Coalition to provide Money Smart Library for Kids, which provides financial literacy library collections to Michigan schools.

ACA International Education Foundation is a 501(c) (3) nonprofit organization serving as the philanthropic arm of ACA International. The Foundation exists to promote the goal of increasing financial literacy in the United States. Outreach efforts include www.askdoctordebt.com, which offers free, reliable answers to consumer questions and provides helpful resources.

The Michigan Association of Collection Agencies is a State Unit of ACA International, the Association of Credit and Collection Professionals. ACA is the comprehensive, knowledge-based resource for success in the credit and collection industry. Founded in 1939, ACA brings together more than 5,000 members in the United States and abroad, and their more than 150,000 employees, including third-party collection agencies, asset buyers, attorneys, creditors and vendor affiliates.