Family budgets are under a fair amount of strain, especially during the holidays. This is especially true these days, given the current tough economic conditions and the fact that some 40% of adult children who’ve graduated from college (so-called Boomerang Kids) are living at home, according to Monster.com.
Fortunately for some families, the U.S. Congress included special funding of the Pell Grant program as part of a bill that it recently passed to finance the federal government through March 4.
In addition, groups like Northwestern Mutual Foundation are working to spread the word on how financial literacy can help kids of all ages take more responsibility for their financial futures and for charitable giving.
"Kids who are taught about the importance of giving as well as budgeting responsibly for giving are better prepared to secure their own financial futures,” said financial literacy expert and Northwestern Mutual Senior Vice President Meridee Maynard, in a press release.
“It appears that parents aren’t proactively modeling and discussing their giving strategies, which would be a great learning opportunity for their children,” she explained.