It’s a subject many shy away from talking about publicly and with their families: Money.
“Wealthy families don’t want kids to be entitled. Families that struggle don’t want kids to be burdened, and both are robbing children of the opportunity to really anchor themselves in an issue that is going to be a part of their entire life,” said Mellody Hobson, the co-CEO and president of Ariel Investments.
Hobson has been on a lifelong mission to teach financial literacy.
“I think we have to bring money to the forefront for children, especially since these days money is very mystical since it spits out of machines and we pay for things on phones and cards.”
Her passion to help others is tied to her childhood, saying she grew up in a family that didn’t have financial wealth.
“We would get evicted,” Hobson said. “Our phone would get disconnected, lights turned off, and I said to myself, ‘I don’t want to live like this.’ It wasn’t about having a lot, it was about understanding how it works.”
Hobson credits her mother for making sure she understood money, explaining she knew how much the electric and phone bills were, along with the cost of their rent.
“I was 5 years old, she said, ‘Put the money on the cash register.’ We were at a restaurant when I got older, ‘calculate the tip, count the change.’ I remember her going to the bank and saying, ‘Look at how a bank deposit works.'”
Hobson’s new children’s book, “Priceless Facts About Money,” focuses on educating kids about finances.
“If we can unlock the mystery of money, we can help people end the trauma they have around money,” she said. “It starts in childhood. You learn all of your money habits from your parents.”
Through illustrations and fun facts, the book helps kids learn about money’s history and how it works.
“It’s very, very important to understand that everything actually costs something and to start to put that in context over time.”
