KIDS & FINANCES

Physician's Money Digest, June15 2003, Volume 10, Issue 11

Children are notorious spenders,but they're also getting better atputting money away. According to astudy by Teenage Research Unlimited,young people aged 12 to 19made cash registers ring to the tuneof $170 billion last year, but also putsome money into savings. Morethan one third of those teens saidthey had cash in stocks, bonds,mutual funds, or CDs (the kind youbuy at a bank). Even the younger set(aged 4 to 12) managed to put awayabout $4 billion of their $27-billionannual income. Among the manyWeb sites aimed at young investorsare Liberty Financial's Young-Investor (www.younginvestor.com),the Institute for Consumer FinancialEducation (www.icfe.info),and Ernst & Young's Moneyopolis(www.moneyopolis.com). Today'sphysician-parents should encouragetheir children's saving habits andfinancial education.