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Life Lessons: Financial bootcamp for kids

By Nancy Werteen, Anchor / Reporter, NWerteen@wfmz.com
Published On: Oct 29 2013 04:00:00 AM CDT

At just 13 years old, Andrew Swenson is learning about the stock market at a Future Investors Club of America camp for kids.

At just 13-years-old, Andrew Swenson is learning about the stock market at a Future Investors Club of America camp for kids.

Lisa Swenson supports her son's hobby, which may lead to a career in the future.

"I think that this is really his chosen path," Swenson said.

With pens in hand, business attire, and sharp answers, the campers are ready to turn their hobby into something more.

"We'll have some millionaires. We'll have some who are relatively financially successful," Camp Director Frank Parks explained.

A lack of girls at his camp is a common theme, which the camp leaders hope to change.

"There is a huge market for females to get into the financial services industry," Parks said.

The Yang sisters both say they may be interested in careers in math.

"It can be fun and interesting at the same time," Roslyn Yang said.

Financial expert Kathy Boyle said it's never too early to teach your kids about money.

She has three tips for parents: talk to your kids about the value of money, teach them what credit is, and educate them about investing.

The kids at the Future Investors Club of America camp seem to understand those basics.

"I don't spend a lot," Andrew Swenson said.

Experts said even habits not directly related to money can impact your child's future financial success.

Teaching them how to maintain and nurture long-lasting relationships, the importance of detail-oriented work, and even the love of learning can help children be financially smarter as an adult.

Like a majority of high-paying, high-pressure jobs in America, women have historically been discriminated against in the financial world.

A Bureau of Labor survey found that less than a third of financial advisers are women; the last census estimated 50.8 percent of the American population to be women.

Yet, a survey by investment firm Edward Jones found two-thirds of Americans believe the financial services industry is the hardest industry to break into for women.

Financial clout of women

According to the Federal Reserve, in 2010 women controlled 51.3 percent of all of the wealth in the country, and that number is expected to rise to 66 percent by the year 2020.

Women totaled $13 trillion in earnings in 2010, and $20 trillion in spending.

Yet again, despite these numbers, only 11 percent of women said they prefer to work with a woman financial adviser.

Studies have shown women generally make more prudent decisions and provide consistently higher yields on funds they manage.