statigr.am/wicknilcoxon37If you thought the easiest way to teach your kids about money was to have them write down their goals and stay on a budget, you’re a genius.
According to a study from Inceptia, a nonprofit that promotes financial education, the two measures that correlated most highly with financial confidence and know-how in college freshmen were writing down financial goals and sticking to a budget.
Unfortunately, only 51% reported actually having a budget.
Still, the simple act of writing down financial goals seems to make a huge difference. According to the study, 22% of students with no financial goals said they tracked spending, while 44% of kids with financial goals tracked their spending and 68% of kids with written goals were tracking what they spent.
“Everyone from college students to multi-millionaires should have financial goals, and a budget is simply a plan for reaching them,” Kate Trombitas, co-author of the study, told Time Business & Money.
This story was originally published by LearnVest.
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