Parents encouraged to engage, teach and empower their children to be wise stewards of money
ATLANTA, May 29, 2014 /CNW/ - The foundation for '20-somethings' financial maturity comes long before the magic age of "legal 21," according to the experts at Atlantic Trust, the U.S. private wealth management division of CIBC (NYSE: CM) (TSX: CM).
In fact, sooner may be better. A 2011 survey by Charles Schwab & Co. found that more than three-quarters of American 13- to 18-year-olds believe that they are knowledgeable about money management, including budgeting, saving and investing. However, only 60 per cent of the teens surveyed know how to write a check and only 32 per cent said they know how credit card interest and fees work.
"At Atlantic Trust, we believe that a sound financial education means not only demystifying money so young adults can develop a sense of financial confidence, but also helping them understand how thoughtful spending, disciplined investing and engaging in their community can contribute to a rich and lifelong sense of purpose," says Art Graper, managing director for Atlantic Trust.
Experts in both family dynamics and the science of learning encourage families to inform, engage, teach and empower their children to develop into financially knowledgeable and responsible young adults.
"The ultimate goal of financial education for the next generation is to make them wise stewards of wealth," says Graper.
When teens reach adulthood, they are entering a period of their lives in which they must make many decisions about their careers, relationships and identities, says Graper. They will need to be skillful not only in navigating through the challenges often faced during this period, but also in making decisions that are in their -- and their families' -- personal and financial best interests, he says.
To learn more, go to Atlantic Trust's GenNext Resource Center and read "The 20-Somethings: A Decade of Teachable Moments" for tips on how to discuss important topics like budgeting, investing, homeownership and more.
About Atlantic Trust
Atlantic Trust is one of the nation's leading private wealth management firms, offering integrated wealth management for high net worth individuals, families, foundations and endowments. The firm considers clients' financial, trust, estate planning and philanthropic needs in developing customized asset allocation and investment management strategies. Experienced professionals deliver a broad range of solutions, including proprietary investment offerings and a robust open architecture platform of traditional and alternative managers. Atlantic Trust operates in 12 full-service locations throughout the U.S. with $24.3 billion in assets under management (as of March 31, 2014). For more information, visit www.atlantictrust.com.
CIBC is a leading Canadian-based global financial institution. Through our Retail and Business Banking, Wealth Management and Wholesale Banking businesses, CIBC provides a full range of financial products to individual, small business, commercial, corporate and institutional clients in Canada and around the world.
CIBC Wealth Management provides relationship-based advisory services and an extensive suite of leading investment solutions to meet the needs of personal, institutional and high-net-worth clients through an extensive distribution network that includes CIBC Private Wealth Management, CIBC Wood Gundy and CIBC Investor's Edge. Our asset management, retail brokerage and private wealth management businesses combine to create an integrated offer, delivered through nearly 1,500 advisors across Canada. In addition, CIBC Asset Management provides global money manager services to institutional and high net worth clients and industry-leading retail investment solutions through our two mutual fund families—CIBC and Renaissance—and the CIBC family of managed portfolio solutions.
SOURCE: Atlantic Trust Private Wealth Management
For further information:
Media inquiries: Caroline Van Hasselt, Director, CIBC External Communications and Media Relations, (416) 784-6699, [email protected] or Carolyn Donnelly, Atlantic Trust Director of Marketing, (404) 881-3417, [email protected].