Parents and caregivers are the strongest influence on how children learn and think about money. Money lessons taught early in life can provide a lifetime of benefits. If you’re a parent or caregiver, it doesn’t take a lot of extra work to set your kids on a good path—even if you don’t feel like a financial expert yourself.
The holiday season provides a particularly good opportunity to reach kids with some basic money attitudes. Your children absorb what you say and what you do, so think out loud as you shop for gifts and buy food for holiday meals.
For example, try these activities with children between the ages of three to five years old:
- Identify coins and their value. Ask your child to help you count the bills and coins when you pay with cash.
- Point out essentials such as food and clothing, and ask your child to describe items she may want that are optional.
- Talk about how your family decides what to buy and what to pass up. How do you compare products and prices?
When shopping with kids in grade 3 to middle school:
- Think out loud as you pay—by credit card, debit card, cash, gift card, or mobile transfer—so your child hears how you think about spending and borrowing.
- Call attention to special offers or promotions in stores, on television, or online, and talk about why these could be valuable—or troublesome, or distracting.
- Demonstrate how you shop around and look for better features or prices, so your child sees it’s normal to ask questions and do research.
No matter how you handle your money, or how you feel about your financial situation, you can make a difference. We’ve assembled more ideas, tools, and online resources you can use with your children as they learn and grow. You don’t have to be a money expert to guide your children to a strong financial future.
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Today, we’re releasing our third Snapshot of Complaints Received from Servicemembers, Veterans and their Families. The report details the data and trends from consumer complaints we’ve received from members of the military community since July 2011.
Here are just a few highlights:
- Debt collection complaints have continued to rise since our last report, and now make up 39 percent of total complaints. It is our largest category of complaints from the military community.
- Credit reporting remains a top category of concern. 72 percent of these complaints are about incorrect information on credit reports. This remains a significant issue for the military community, one that we highlighted earlier this year.
- Student loans are another concern. 49 percent of these complaints are about problems dealing with a lender or servicer. In these complaints, we continue to see long-standing trends, such as servicemembers complaining about not being provided their Servicemembers Civil Relief Act rights.
This year our report also highlights our outreach efforts that allowed us to connect with thousands of members of the military community, as well as three of our enforcement actions that recovered millions of dollars for affected consumers, primarily servicemembers, veterans, and their families. These figures represent the positive impact of the work we continue to do on behalf of those who serve.
Problems with account services
Basic account servicing stands out as a significant area of concern for servicemembers. Most consumers can call their financial institution, visit a branch, or connect online to try and get the help they need to maintain their account. Unfortunately, for military personnel and their families, the realities of military life, including deployments, frequent moves, and a high operational tempo, can sometimes make access to those services extremely challenging.
We found that servicemembers were often subject to a variety of account maintenance or penalty fees, as well as account-access restrictions, which were triggered due to aspects of their military service.
These problems raise concerns that financial institutions may not have a true understanding of the servicing needs of their military customers and may lack proper procedures and protections for them. Detailed examples of servicemember experiences can be found in Section II of the report.
Check out the snapshot to learn more.
We’re listening
As always, if you have a problem with a consumer financial product that you can’t resolve on your own; or if you know someone in that situation, please remember that you can submit a complaint online or by calling (855) 411-2372. We make your voice heard.
